Cronos Network Pauses Blockchain After $75 Million Tectonic Breach

Cronos Network paused its entire blockchain after an incident hit Tectonic, one of the network's lending protocols.

Tectonic's team acknowledged the situation and told users to stay away from the protocol until it was confirmed safe.

The breach stemmed from a price-manipulation scheme against the lending platform, with an on-chain researcher pegging the affected amount at roughly $75 million.

The bad actor exploited TONIC's 20% collateral factor by rapidly buying up TONIC and pumping its value by 100x in just 20 minutes, then using it as collateral to borrow other assets from the platform.