Odaily Planet Daily reports that the Cronos Network, associated with Crypto.com, has been suspended following an attack on the lending protocol Tectonic. On-chain researcher Weilin Li estimated that the attacker raised the price of the low-liquidity TONIC token by approximately 100 times within 20 minutes, then used it as collateral to borrow other assets, totaling around $75 million. Of this, approximately $6 million has been bridged to Ethereum, while the majority of the remaining assets remain locked due to the Cronos network halt. This exploit mirrors the oracle manipulation attack on Mango Markets in 2022. Tectonic has not yet confirmed the exact figures or root cause.
Cronos Network Paused Following Tectonic Attack Involving $75M
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Summary
The Cronos network has been paused following an on-chain incident involving Tectonic, a lending protocol. An attacker inflated the TONIC token price by 100 times within 20 minutes and used it as collateral to borrow approximately $75 million. About $6 million was transferred to Ethereum, while the remainder remains frozen due to the network upgrade halt. The attack resembles the 2022 Mango Markets oracle manipulation. Tectonic has not yet confirmed full details.
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