Cronos Network Resumes Operations After $74M Exploit on Lending Protocol
The Cronos Network was forced to halt its blockchain operations on August 30 after discovering an exploit on Tectonic, its largest lending protocol. The attack allowed the attacker to drain approximately $74 million from the ecosystem. To mitigate further losses, validators halted the chain and coordinated a response to contain the damage.
The network resumed block production at 23:49 UTC on August 30, with its state restored to the point before the attack. Validators instructed node operators to restart systems with Cronos v1.7.8 and provided snapshots published that morning.
Cronos Network's beta app is now back online for testing, although full functionality is still ongoing. The network emphasized that users' funds remain secure. The postmortem report on the exploit is yet to be published, but it will provide insight into the hack and varied loss figures.