Tectonic reports $9.19M unrecovered from the attack and plans to remove low-liquidity tokens as collateral.

ME News reports that on September 8 (UTC+8), the Cronos lending protocol Tectonic released a report on the attack incident. On August 30, the attacker manipulated the price of the governance token TONIC and used its inflated valuation as collateral to borrow assets with a nominal value of $120.4 million across multiple markets in a single transaction. Cronos subsequently paused the network and rolled back its state. Before the pause, the attacker had already transferred approximately $9.19 million across chains, which has not yet been recovered. The root cause of the attack was that TONIC could be borrowed and redeposited as collateral within the same transaction, priced at spot value with a 20% loan-to-value ratio, and lacked both price surge checks and limits tied to market depth. Additionally, the team plans to phase out low-liquidity tokens that are difficult to price as eligible collateral and set borrowing limits for each market. Specific details will be disclosed once the implementation plan is finalized. The team is currently collaborating with forensic firms, law enforcement agencies, stablecoin issuers, exchanges, and cross-chain bridges to recover the stolen funds. (Source: Foresight News)