Cronos halted its blockchain following a Cronos network exploit targeting Tectonic, a decentralized lending protocol built on the chain. The attack resulted in an estimated $75 million loss, with most funds remaining on the network at the time of the incident.
What happened with the Cronos network exploit
On Sunday, Cronos identified the exploit in Tectonic and immediately halted the network while promising updates. Tectonic separately advised users to avoid interacting with the protocol during its investigation. At the time of writing, neither project had confirmed the exact cause of the breach, the precise loss amount, or when the network would restart.
Researcher Weilin Li provided technical details of the attack, explaining that the attacker exploited TONIC’s 20% collateral factor and thin liquidity conditions. The attacker pumped the governance token’s price 100-fold within 20 minutes, then used the inflated collateral to borrow other assets. Li characterized this as a “Mango-market style” pump-and-borrow attack—a known vulnerability pattern in decentralized finance.
Response and next steps
Crypto.com CEO Kris Marszalek confirmed that the company’s app and exchange remained unaffected and operating normally, reassuring users that funds held there were safe. However, Cronos and Tectonic have not yet disclosed whether they plan to restrict the attacker’s addresses, recover stolen assets, or compensate affected users. Both projects and Crypto.com were contacted for further comment.
المصدر: Cointelegraph
