DeFi lending protocol Tectonic, built on Crypto.com’s Cronos blockchain, suffered an exploit estimated at approximately $75 million on August 30. The attacker inflated the price of governance token TONIC by 100 times in roughly 20 minutes, then borrowed over $74 million against this artificially inflated collateral. About $6 million was successfully bridged to Ethereum before Cronos’s 100 validators coordinated an emergency shutdown of the network. The remaining funds, estimated between $60 and $69 million, remained frozen on the Cronos chain. Tectonic’s total value locked dropped from approximately $121.7 million to roughly $3 million, while Crypto.com’s main app and centralized exchange were unaffected.
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