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TONIC Price Manipulation Drains $74 Million From Cronos' Tectonic

🚨 ACTIVE EXPLOITATION

  • TONIC Price Manipulation Drains $74 Million From Cronos’ Tectonic
    An attacker drained about $74 million from Cronos lending protocol Tectonic through TONIC price manipulation.
    • Cronos users and Tectonic depositors were affected; Crypto.com’s app and exchange were unaffected.
    • Tectonic, Cronos’s largest lending protocol, was drained of roughly $74 million.
    • Validators halted the entire Cronos blockchain, freezing unrelated transactions and positions.
    • The attacker drove TONIC’s price up about 100-fold in 20 minutes and used it as collateral to borrow liquid assets.
    • TONIC had a 20% collateral factor, about $1.34 million in liquidity, and roughly $11,000 in daily volume; about $6 million was bridged to Ethereum before the halt.
      πŸ“„ Source: x.com Β· πŸ“Ž Coverage: decrypt.co Β· πŸ‘ via BleepingComputer

πŸ•΅οΈ RESEARCH & DEEP DIVES

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