Decentralized lending protocol Tectonic on the Cronos blockchain suffered an attack estimated at $75 million. The attacker manipulated the TONIC token price, multiplying it by 100 in twenty minutes, before using these overvalued tokens as collateral to borrow real assets. Approximately $6 million had already been transferred to Ethereum before Cronos halted its network on Sunday, August 30, freezing the remaining funds on-chain. Cronos teams and several security firms are investigating, while Tectonic has warned users not to interact with the protocol. The exact loss amount and network restart date have yet to be confirmed.
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