Tectonic was exploited for over $75M, prompting Cronos Network to pause operations.
$6.29M has moved to Ethereum and was swapped for 2,592 ETH, while $68.7M remains on the Cronos Network.
The Cronos network has been halted following a major exploit targeting Tectonic, the DeFi lending protocol that held approximately $121.6 million in total value locked, roughly 46% of all Cronos DeFi TVL, before the attack hit.
The attacker targeted TONIC, Tectonic’s illiquid governance token, and drove its price up approximately 100-fold in roughly 20 minutes. With the artificially inflated TONIC posted as collateral, the attacker borrowed large amounts of harder assets from Tectonic’s lending pools, an estimated $75 million in total.
It’s the same technique Avraham Eisenberg used to drain over $100 million from Solana-based Mango Markets in October 2022.
Where the Money Went, and Where It Did Not
The attacker began moving proceeds across a bridge to Ethereum, the only exit
We współpracy z: https://thenewscrypto.com/tectonic-exploit-forces-cronos-to-halt-75m-at-risk/
