Cronos Network, Affiliated with Crypto.com, Suspends Operations After Tectonic Attack Involving Approximately $75 Million

Odaily News – Cronos Network, affiliated with Crypto.com, has been suspended following an attack on the lending protocol Tectonic. On-chain researcher Weilin Li estimates that the attacker inflated the price of the low-liquidity TONIC by roughly 100 times within about 20 minutes, then used it as collateral to borrow other assets, involving approximately $75 million. Of this, around $6 million has been bridged to Ethereum, while the majority of the remaining assets could not be transferred out due to the Cronos chain halt. This method is similar to the oracle manipulation attack that Mango Markets suffered in 2022. Tectonic has not yet confirmed the exact amount or the root cause.