Cronos network halts after $75 million Tectonic exploit involving price manipulation
Updated — view changes (2)
· body · New information from a source
An attacker manipulated the price of Tectonic's TONIC token before using the inflated value as collateral to borrow funds, according to reporting by The Block.The exploit, estimated at $75 million, prompted the Cronos network to halt operations.Crypto.com CEO Kris Marszalek said the company's app and exchange continued operating normally despite the incident on the network it launched.- The Cronos network halted following an exploit on the Tectonic protocol estimated at $75 million, according to The Block.
- An attacker manipulated the price of Tectonic's illiquid TONIC token before using the artificially inflated collateral to borrow funds—a technique similar to the Mango Markets hack.
- Crypto.com CEO Kris Marszalek said the company's app and exchange continued operating normally and were unaffected by the breach, Cointelegraph reports.
· summary · New information from a source
An attacker exploited Tectonic's illiquid TONIC token, inflating its price to borrow against fake collateral, forcing Cronos to halt.- The Cronos blockchain stopped after an attacker exploited Tectonic's illiquid TONIC token, inflating its price to borrow against it as collateral.
Every change made to this story after publication is recorded here automatically. A factual error gets a correction as well, on the corrections page.
The Cronos network halted following an exploit on the Tectonic protocol estimated at Crypto.com-linked Cronos network halts after Tectonic exploit estimated at $75 million.
, according to The Block. An attacker manipulated the price of Tectonic’s illiquid TONIC token before using the artificially inflated collateral to borrow funds—a technique similar to the Mango Markets hack. Crypto.com CEO Kris Marszalek said the company’s app and exchange continued operating normally and were unaffected by the breach, Cointelegraph reports.
Sources: The Block, Cointelegraph
This article is for information only and is not financial advice.
Story so far 3 updates
- flashCronos network halts after Tectonic exploit estimated at $75 millionfirst reportedtheblock.co
- flashCronos network halts after $75 million exploit of Tectonic lending protocolupdatetheblock.co
- flashCronos network halts after $75 million exploit of Tectonic lending protocolupdate · 2 sourcestheblock.co · cointelegraph.com
Cite this
Archived copy · an independent capture of this page at the Internet Archive, kept so this report can be checked against what it said on the day
← more bytes
