Cronos Network Halted After Massive $120M Tectonic Exploit

A coordinated attack on the Cronos network exploited Tectonic's lending protocol to borrow $120.4 million across nine markets.

The attacker manipulated the price of TONIC, inflating collateral values and allowing for the massive loan.

Validators halted the network at block 90,907,150 after spotting irregular activity around 13:25 UTC on August 30th.

About $111.2 million in affected funds were reversed when chain state was restored to block 90,896,188, but $9.19 million had already left the ecosystem before the halt.

The restoration process required discarding 10,961 blocks and involved coordinated consensus across the validator set.