🛑Tectonic hit by a Mango-style $75M pump-and-borrow
Cronos paused its entire blockchain on Sunday after an exploit hit Tectonic , its largest lending protocol — with an estimated $75M affected and no restart timeline announced.
How it went down:
🔍 Onchain researcher Weilin Li reconstructed the attack: the hacker exploited TONIC's 20% collateral factor and thin liquidity , pumping the token ~ 100x within 20 minutes , then used the inflated collateral to borrow ~$75M in real assets — a classic "Mango-market style" pump-and-borrow
💸 Per @lookonchain: the attacker bridged $6.29M to Ethereum (swapped into 2,592 ETH) before the halt — the other ~$68.7M is stranded on Cronos , frozen by validators
🛡️ Crypto.com CEO Kris Marszalek confirmed the breach but said the app and exchange were unaffected and all funds there are safe, with the security team assisting Tectonic
📉 Per DefiLlama, Tectonic's TVL sat at ~$121.7M (with ~$82.7M active loans) before the attack — it has since collapsed to roughly $3M as the drained positions unwound
Neither Cronos nor Tectonic has confirmed the root cause or the final loss figure, and there's no word yet on address blacklisting, recovery, or user compensation — Tectonic simply advised users not to interact with the protocol while it investigates.
$ETH #WTICrudeBreaksAbove$85 #BrentRisesAbove$90 #KospiDrops3.6%AsSamsungSKHynixWeaken #GoldHits$4444.82InEarlyTrading #UKReleasesFirstCryptoGainsTaxStats
Cronos paused its entire blockchain on Sunday after an exploit hit Tectonic , its largest lending protocol — with an estimated $75M affected and no restart timeline announced.
How it went down:
🔍 Onchain researcher Weilin Li reconstructed the attack: the hacker exploited TONIC's 20% collateral factor and thin liquidity , pumping the token ~ 100x within 20 minutes , then used the inflated collateral to borrow ~$75M in real assets — a classic "Mango-market style" pump-and-borrow
💸 Per @lookonchain: the attacker bridged $6.29M to Ethereum (swapped into 2,592 ETH) before the halt — the other ~$68.7M is stranded on Cronos , frozen by validators
🛡️ Crypto.com CEO Kris Marszalek confirmed the breach but said the app and exchange were unaffected and all funds there are safe, with the security team assisting Tectonic
📉 Per DefiLlama, Tectonic's TVL sat at ~$121.7M (with ~$82.7M active loans) before the attack — it has since collapsed to roughly $3M as the drained positions unwound
Neither Cronos nor Tectonic has confirmed the root cause or the final loss figure, and there's no word yet on address blacklisting, recovery, or user compensation — Tectonic simply advised users not to interact with the protocol while it investigates.
$ETH #WTICrudeBreaksAbove$85 #BrentRisesAbove$90 #KospiDrops3.6%AsSamsungSKHynixWeaken #GoldHits$4444.82InEarlyTrading #UKReleasesFirstCryptoGainsTaxStats