Crypto.com CEO Chris Marszalek said the company’s app and exchange Tectonic were unaffected by the breach and continue to operate as normal.
Kronos shut down its blockchain after an exploit involving decentralized lending protocol Tectonic cost an estimated $75 million, most of which remains on the Kronos network at the time of writing.
Sunday, Cronos said It detected an exploit by Tectonic and shut down the network, promising an update. distinctly tectonic to warn Users do not interact with the protocol while investigating it. Neither project has confirmed the cause or damage, and a timeline for reopening has not been announced at the time of publication.
Researcher Welin Lee said The attacker exploits Tonic’s 20% collateral factor and thin liquidity, pumping the value of governance tokens 100-fold in 20 minutes before borrowing other assets. Lee described it as a “mango-market style” pump-and-borrow attack.
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