AI · Decrypt
Tectonic held about $121.7 million in deposits and $82.7 million in active loans shortly before the incident
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
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By Monday that had collapsed to roughly $3 million, a fall of 97.5% over 30 days.
Key facts
- He put the haul at $66 million, then revised it to around $75 million after identifying a further attacker-controlled address holding $8 million
- Li called it the third Mango-style attack in recent weeks, following one on Moonwell, where manipulation of the illiquid MAMO token cost an estimated $8.7 million, and another on a Pendle reUSD
- By Monday that had collapsed to roughly $3 million, a fall of 97.5% over 30 days
- The attacker managed to bridge out only ~$6M to before the pause, leaving the remaining ~$60M stuck on Cronos
Summary
Cronos stopped producing blocks on Sunday after an exploit at Tectonic, the largest lending protocol on the network. An onchain researcher estimated the loss at about $75 million, with roughly $6 million bridged out before the halt. The chain was still halted on Monday, Cronos said, though Crypto.com's app and exchange are unaffected. Cronos switched off its entire blockchain on Sunday to contain an attack on DeFi lending protocol Tectonic, freezing every position on the network in the process. Tectonic enables users to deposit crypto for others to borrow against posted collateral, earning interest in return.