🚨 Cronos, the blockchain linked to @cryptocom, suspended its network on Sunday following a hack targeting Tectonic, its largest lending protocol. The protocol had approximately $122 million in deposited funds prior to the incident. According to onchain researcher Weilin Li, the attack involved around $75 million: the attacker artificially inflated the price of TONIC, a highly illiquid governance token, and then used this inflated token as collateral to borrow other assets on the protocol—a method similar to the 2022 Mango Markets exploit. Thanks to the rapid network shutdown, only $6 million was transferred to Ethereum. Tectonic has asked users to refrain from interacting with the protocol until further notice. Crypto.com CEO Kris Marsalek confirmed that the company’s app and exchange were not affected, and that its security teams are actively assisting with the investigation.