Cronos Reverses Tectonic Exploit, $6.29M Already Lost to Ethereum

Cronos has reversed the effects of an exploit that hit Tectonic, restoring its blockchain to before the attack. The move may have protected some funds, but an estimated $6.29 million had already left the network before validators could stop the chain.

The incident started when an attacker manipulated the price of TONIC, which has limited trading activity and is easier to manipulate. The attacker then deposited inflated assets into Tectonic and borrowed valuable assets against them.

Initially, reports estimated that $75 million had been taken from the lending platform, but Cronos and Tectonic have not confirmed the final amount. Cronos later restored its records to a point before the exploit occurred, removing affected transactions from the accepted history.