Cronos blockchain paused after $75M exploit targets lending protocol Tectonic

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The Cronos blockchain was temporarily halted by its validators following a $75 million exploit on Tectonic, a decentralized lending application built on the network. An attacker allegedly manipulated the price of Tectonic's TONIC token, driving its value up approximately 100 times its original price. The inflated TONIC tokens were then used as collateral to borrow substantial real assets from the protocol. Cronos validators chose to pause the network in response, leaving a significant portion of funds inaccessible. The incident highlights ongoing risks around thinly traded tokens being used as collateral in decentralized finance platforms.

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