Tectonic Hackers Steal $6M by Inflating Tonic Token Price

A cyberattack on cryptocurrency platform Tectonic has resulted in losses of at least $6 million. The attack involved manipulating the price of Tectonic's thinly traded coin, Tonic, to inflate its value by over 100 times within a 20-minute period.

The attackers then used the artificially inflated Tonic tokens as collateral to borrow assets against them, with an estimated total loss of $74 million. However, blockchain security firms believe that about $68 million was stopped from leaving the platform and is still on the Cronos blockchain.

Crypto.com's CEO Kris Marszalek stated that they are assisting in the investigation and noted that their platform was not affected by the incident. The Cronos blockchain halted activity to prevent an outflow of stolen funds, and Crypto.com claimed it restored its system back to the state before the attack.