Tectonic Incident Drives August Crypto Hacks Surge

Crypto hacks surged by 67% in August, despite estimated losses plummeting 49.5% to $136.3 million.

The month saw 50 major incidents, with PeckShield attributing over half of the total losses ($74 million) to the Tectonic lending incident.

Cronos validators halted block production after detecting the exploit, preventing most identified assets from being moved onto Ethereum. The network later resumed production after validators restored it to a state preceding the attack.