Cronos Blockchain Pauses After Tectonic Lending Exploit, $119.5M

Cronos Network paused operations after an exploit targeted Tectonic, its lending protocol, with on-chain analysis estimating that about $119.5 million was drained from lending pools. Tectonic has not confirmed a final loss, and its team said it is investigating while users are warned not to interact with the protocol. In an initial response on X, Tectonic urged users to pause usage until safety is confirmed. The analysis cited by Cronos archive node estimates the outflow occurred in about 65 minutes, leaving roughly $1.73 million across affected markets. It also recorded 752 liquidations involving about $8.71 million seized and about $32.6 million in bad debt. The attack was linked to price manipulation of the TONIC token via oracle spikes, and Crypto.com said its app and exchange were not affected.