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The Cronos network, the blockchain linked to Crypto.com, suspended operations after an attacker drained an estimated $75 million from Tectonic, a lending protocol built on the chain.
The attack turned on TONIC, Tectonic's illiquid native token, in what Li described as a Mango Markets-style hack.
The next confirmable development is a formal statement from the Cronos or Tectonic teams on chain resumption and depositor losses.
Li's account of the mechanics: the attacker manipulated TONIC's price before borrowing against the inflated collateral value.
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