⚡ Tectonic, the largest lending protocol on the Cronos blockchain $CRO, was recently attacked via price manipulation, causing $75 million in damage.
On August 30, the attacker pushed the TONIC token price up by 100x in 20 minutes, then used it as collateral to borrow more than $74 million. Cronos validators stopped block production to freeze the assets; only about $6 million was moved to Ethereum $ETH .
Why is this noteworthy? Thanks to the Tendermint architecture with 100 validators, the network responds quickly, keeping about $60–69 million on-chain—evidence of the network’s ability to intervene urgently.
In simple terms: Tectonic’s TVL crashed from $121.7 million to around $3 million, but customers’ funds on the Crypto.com exchange remain safe.
#DeFi #CryptoNews
🔗 Source: Crypto Briefing
⚠️ Information is for reference only and is not investment advice. Please do your own research before deciding (DYOR).
On August 30, the attacker pushed the TONIC token price up by 100x in 20 minutes, then used it as collateral to borrow more than $74 million. Cronos validators stopped block production to freeze the assets; only about $6 million was moved to Ethereum $ETH .
Why is this noteworthy? Thanks to the Tendermint architecture with 100 validators, the network responds quickly, keeping about $60–69 million on-chain—evidence of the network’s ability to intervene urgently.
In simple terms: Tectonic’s TVL crashed from $121.7 million to around $3 million, but customers’ funds on the Crypto.com exchange remain safe.
#DeFi #CryptoNews
🔗 Source: Crypto Briefing
⚠️ Information is for reference only and is not investment advice. Please do your own research before deciding (DYOR).