Tectonic, a lending protocol on the Cronos blockchain, suffered an exploit resulting in approximately $75 million in losses. The issue centered on TONIC, a token with a 20% collateral factor, which attackers manipulated by driving its price up 100x in just twenty minutes, artificially inflating collateral values and enabling the borrowing of liquid assets against a fictitious valuation. About $6 million reached Ethereum before Cronos halted the network, leaving an estimated $60 to $68 million in attacker-controlled addresses on Cronos. CRO’s price is now testing a key support zone at $0.05507; a break below this level could expose a lower support in the $0.045 to $0.048 range.
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