The Cronos network, affiliated with Crypto.com exchange, suspended its operations following the exploitation of the decentralized lending protocol Tectonic. The amount stolen is estimated at $75 million. The attacker manipulated the price of the TONIC token, which suffered from illiquidity, before borrowing funds using the inflated collateral. This method resembles the hack that targeted the Mango Markets protocol. Li’s analysis confirms the attack mechanism.
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