Cronos Network Halted Amid Estimated $75M Tectonic Exploit

Cronos, a blockchain network, halted its operations after an exploit targeting decentralized lending protocol Tectonic involved an estimated $75 million. The attack, which was described as a 'Mango-market style' pump-and-borrow attack by researcher Weilin Li, took advantage of TONIC's 20% collateral factor and thin liquidity.

The attacker allegedly pumped the governance token's price 100-fold within 20 minutes before borrowing other assets. The exploit remains on the Cronos network as of writing, with no restart timeline announced by the project.

Crypto.com CEO Kris Marszalek stated that his company's app and exchange were unaffected by the Tectonic breach and continued operating normally.