Cronos Blockchain Halts After $75 Million Tectonic Lending Exploit
The Cronos blockchain, linked to Crypto.com, halted operations after an exploit on lending app Tectonic estimated at Crypto.com-linked Cronos network halts after Tectonic exploit estimated at $75 million.
, according to The Block and CoinDesk.
The attacker manipulated the price of Tectonic’s illiquid TONIC token and then borrowed against the inflated collateral, a technique resembling the earlier Mango Markets hack, according to a person identified as Li, cited by The Block.
Crypto.com CEO Kris Marszalek said the exchange’s app and trading platform were unaffected by the breach and continued operating normally, according to Cointelegraph.
Decrypt reported that roughly Some $6 million reached Ethereum before validators froze the chain, stranding the rest on a network that still is not producing blocks.
of the stolen funds reached Ethereum before validators froze the Cronos chain, leaving the remainder of the exploited funds stranded on a network that, as of the report, was still not producing blocks.
Sources: The Block, Cointelegraph, CoinDesk, Decrypt
This article is for information only and is not financial advice.
What the market did
Each figure is this site’s own reading, with what it was measured against. A blank is a reading nobody took, not a zero. The before-the-headline window prints the rate a RANDOM hour clears the same bar, because a hit rate without its null is not a finding.
Story so far 5 updates
- flashCronos network halts after Tectonic exploit estimated at $75 millionfirst reportedtheblock.co
- flashCronos network halts after $75 million exploit of Tectonic lending protocolupdatetheblock.co
- flashCronos network halts after $75 million exploit of Tectonic lending protocolupdate · 2 sourcestheblock.co · cointelegraph.com
- storyCronos Blockchain Halts After Tectonic Lending Exploit Estimated at $75 Millionupdate · 3 sourcestheblock.co · cointelegraph.com · coindesk.com
- storyCronos Network Halts After $75 Million Exploit Hits Tectonic Lending Appupdate · 4 sourcestheblock.co · cointelegraph.com · coindesk.com · decrypt.co
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