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Crypto

Cronos Network Halts Operations After $75M Tectonic Protocol Exploit

Guavy AI Editorial Team
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The Cronos network has temporarily suspended its blockchain operations due to an exploit in the Tectonic lending protocol.

According to on-chain researcher Weilin Li, the attacker deposited an inflated collateral and borrowed other assets using a 'pump-and-borrow' scheme that caused the price of TONIC to surge 100 times in 20 minutes.

The estimated damage to the protocol is approximately $75 million, with the actual amount affected not yet confirmed by Tectonic.

Crypto.com CEO Kris Marszalek stated that the company's app and exchange were not impacted by the incident and are operating as usual.

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