Crypto.com-Linked Platform Hit by $74 Million Price Manipulation Attack

Tectonic, a decentralized lending platform linked to Crypto.com, was hit by a price-manipulation attack that allowed more than $74 million of crypto assets to be borrowed from the protocol.

The attacker artificially inflated the price of TONIC, the native token of Tectonic, by about 300-fold in roughly 20 minutes on August 31.

With the inflated value of TONIC as collateral, the attacker was able to borrow large amounts of other cryptocurrencies from Tectonic.

The total value of the loans exceeded $74 million, but only about $6 million was transferred to Ethereum before the Cronos network was halted.