Cronos Network Halts Blockchain After Tectonic Lending Protocol Exploit

A major exploit is forcing the Cronos Network to halt its blockchain after targeting the Tectonic decentralized lending protocol.

The network says it identified the incident and paused operations while promising updates.

“We identified an exploit in Tectonic. The Cronos Network has been halted and we’ll provide updates here.”

Tectonic is confirming awareness of the incident and urging users not to interact with the protocol.

“We are aware of an incident affecting Tectonic and our team is actively investigating. As a precaution, please do not interact with the protocol until we confirm it is safe to do so.”

The protocol is also recommending that users revoke token approvals as funds may be at risk.

“User security is our highest task. We recommend that all users revoke token approvals granted to our contracts while we investigate a security incident. Funds of users who have interacted with Tectonic Protocol currently be at risk.”

Initial analysis indicates the attacker exploited the protocol’s governance token TONIC through a price manipulation attack that caused its price to surge 100x in 20 minutes.

Follow us on X, Facebook and Telegram



Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney