Cronos Network Rebooted After $75M Tectonic Hack

The Cronos Network has fully restored operations after a major DeFi hack involving its largest lending pool, Tectonic. The attack, which exploited a vulnerability in the protocol, saw nearly $75 million drained from the network in just 20 minutes. However, thanks to the swift action of validators, the chain was restored to its pre-attack state, and block production resumed. This move effectively froze activity on the network, making it difficult for the attacker to transfer funds.

The hack had a significant impact on Tectonic's TVL, which fell from $122 million to just $3 million in the aftermath of the attack. However, with the Cronos chain restored, the protocol has since returned to its previous levels.

Cronos Network halted operations earlier today as a precautionary measure to prevent further movement of stolen funds. The team restarted block production at 23:49:01 UTC on August 30 from block 90,896,189. Node operators were also instructed to restart their systems using version 1.7.8.