Cronos Blockchain Suspends Operations Following $75 Million Tectonic Exploit

The Cronos blockchain halted operations after an attacker exploited Tectonic, its largest lending protocol, resulting in an estimated $75 million loss. The attacker manipulated the price of the TONIC token to borrow liquid assets against inflated collateral. Tectonic had approximately $121.7 million in total value locked prior to the incident.