Odaily Planet Daily report: Tectonic has released a report on the August 30 attack, revealing that the attacker manipulated the TONIC price to approximately 195 times its value and engaged in cyclic collateralization, borrowing around $120 million across nine lending markets. After Cronos paused the network and restored its state, most assets reverted to their pre-attack conditions; however, approximately $9.19 million had already been cross-chain transferred and remains unrecovered. The team plans to phase out low-liquidity collateral and implement borrowing limits per market.
Tectonic Attack Results in $9.19M in Unrecovered Loss
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Summary
Tectonic reported a $9.19M unrecovered loss following a $120M recursive collateral attack on nine lending markets. The attacker manipulated TONIC’s price by 195x before the Cronos network paused and restored operations. Although most assets were returned, a portion was cross-chain transferred. Traders are now monitoring altcoins amid market volatility, as the Fear & Greed Index signals caution. The team plans to phase out low-liquidity collateral and implement borrowing limits.
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