Cronos Network Halted After Massive $119.5M Lending Protocol Exploit

Cronos Network has suspended operations following an exploit on its lending protocol, Tectonic. The attack drained approximately $119.5 million from lending pools in just 65 minutes.

Tectonic's team is investigating the incident, but has not confirmed the exact loss amount yet. On-chain analysis suggests that around $1.73 million remained across affected markets after the exploit.

The attack centered on the price of TONIC token, which saw a 6.46-fold increase in a single block. This allowed an attacker to borrow $125.6 million and withdraw significant amounts of USDC, USDT, WBTC, WETH, and CRO tokens.