🚨 $TONIC just got wrecked for $106M on TectonicFi
Classic Mango Markets playbook:
- Attacker pumped illiquid $TONIC 100x in 20 minutes
- Used inflated price as collateral to drain the protocol
- Moved $6M to Ethereum, $60M still stuck on Cronos
- Cronos Network had to halt the chain
This is the 3rd major oracle manipulation attack after Moonwell and reUSD. Price oracle exploits are the new meta for draining DeFi protocols.
If your protocol uses thin liquidity tokens as collateral without TWAP or circuit breakers, you're ngmi.
Classic Mango Markets playbook:
- Attacker pumped illiquid $TONIC 100x in 20 minutes
- Used inflated price as collateral to drain the protocol
- Moved $6M to Ethereum, $60M still stuck on Cronos
- Cronos Network had to halt the chain
This is the 3rd major oracle manipulation attack after Moonwell and reUSD. Price oracle exploits are the new meta for draining DeFi protocols.
If your protocol uses thin liquidity tokens as collateral without TWAP or circuit breakers, you're ngmi.
