Oracle · Ethereum · Bitcoin.com News
Cronos Suspends Chain After $75 million Tectonic Exploit
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The Cronos network remains frozen following a massive price manipulation exploit targeting the Tectonic money market protocol.
Key facts
- Attackers extracted roughly $8.7 million from Moonwell after artificially inflating the price oracle of the low-liquidity MAMO token, then using…
- After executing test transactions, the attacker deposited the inflated TONIC as collateral to borrow nearly $120 million in stablecoins, bitcoin, ether, and CRO before validators deliberately halted
- The attacker pumped a token’s price 100x in 20 minutes, then borrowed against the fake value to drain everything,” Jeremy wrote on X
- Meanwhile, Glyde co-founder Jeremy claimed in a post on X that the attacker has managed to siphon only $6 million so far
Summary
On Aug. 31, 2026, Tectonic lost over $70 million after an attacker used $600,000 to inflate TONIC’s price 40x. Cronos validators halted block production, trapping $60 million onchain while Crypto.com aids the probe. Cronos validators must now decide whether to resume network operations or execute a chain rollback. The Cronos network, an Ethereum Virtual Machine-compatible Layer 1 blockchain, confirmed Monday that the network remains paused pending an investigation into an exploit of Tectonic, a money market protocol on the chain.