📰 The Cronos lending protocol Tectonic disclosed an attack report from August 30: the attacker manipulated the price of TONIC to about 195x, then used looping collateral to borrow roughly $120.4 million from 9 lending markets.
🔥 This wasn’t just a sudden crash—it was oracle price and collateralized borrowing being exploited together. Honestly, seeing the “195x” figure pretty much explains why the lending markets were quickly drained.
💡 Cronos then paused the network and restored operations; most assets returned to their pre-attack state. But some funds have already been bridged out—around $9.19 million hasn’t been recovered yet, which is the most unsettling part of this incident.
Actually, the project team has already outlined the next steps: remove collateral with lower liquidity, and set borrowing limits for each market. This can reduce the room for similar operations, but whether it can completely plug the problem will depend on how effective the new rules are once implemented.
🤔 Do you think lending protocols should prioritize restricting low-liquidity collateral, or first cap borrowing in a single market?
#Tectonic #Cronos #DeFi安全 #On-chain Attack
🔥 This wasn’t just a sudden crash—it was oracle price and collateralized borrowing being exploited together. Honestly, seeing the “195x” figure pretty much explains why the lending markets were quickly drained.
💡 Cronos then paused the network and restored operations; most assets returned to their pre-attack state. But some funds have already been bridged out—around $9.19 million hasn’t been recovered yet, which is the most unsettling part of this incident.
Actually, the project team has already outlined the next steps: remove collateral with lower liquidity, and set borrowing limits for each market. This can reduce the room for similar operations, but whether it can completely plug the problem will depend on how effective the new rules are once implemented.
🤔 Do you think lending protocols should prioritize restricting low-liquidity collateral, or first cap borrowing in a single market?
#Tectonic #Cronos #DeFi安全 #On-chain Attack
