Digital Finance & Tokenization▼impact 4
Cronos, Tectonic Exploit Halts Network
Cronos, the blockchain associated with Crypto.com, halted its network on the 30th following an exploit on its largest lending protocol, Tectonic. According to estimates by on-chain researcher Weilin Li, affected assets could amount to approximately $75 million. Cronos announced on X that it had "confirmed an exploit on Tectonic" and disclosed the network halt. Tectonic is also investigating and has urged users not to use the protocol until safety is confirmed. Data from DefiLlama shows that before the incident, Tectonic's total value locked was approximately $121.7 million, with active loans of about $82.7 million. Crypto.com's CEO, Kris Marszalek, stated that the company's app and exchange were not compromised and that the security team is assisting with the Cronos investigation. Cronos has not disclosed when the network will resume or how it will handle the attacker's assets.