⚡ Tectonic exploited 75 million USD — oracle is not the culprit
WHAT: According to RedStone co-founder, the oracle provided accurate TONIC pricing, but Tectonic used that price as collateral without checking actual liquidity. The attacker drove the TONIC price up by ~100x within 20 minutes, then borrowed 75 million USD worth of highly liquid assets.
Why is it noteworthy? The mistake lies in the safe price verification process for lending, not the data source — an important lesson for DeFi protocols.
In simple terms: the oracle said the right price, but Tectonic mistook a poorly liquid token for a trustworthy collateral asset.
#DeFi #CryptoNews
🔗 Source: Cryptonews
⚠️ Information is for reference only and not investment advice. Do your own research before making a decision (DYOR).
WHAT: According to RedStone co-founder, the oracle provided accurate TONIC pricing, but Tectonic used that price as collateral without checking actual liquidity. The attacker drove the TONIC price up by ~100x within 20 minutes, then borrowed 75 million USD worth of highly liquid assets.
Why is it noteworthy? The mistake lies in the safe price verification process for lending, not the data source — an important lesson for DeFi protocols.
In simple terms: the oracle said the right price, but Tectonic mistook a poorly liquid token for a trustworthy collateral asset.
#DeFi #CryptoNews
🔗 Source: Cryptonews
⚠️ Information is for reference only and not investment advice. Do your own research before making a decision (DYOR).