Crypto.com-affiliated Cronos blockchain halted after Tectonic theft

The ostensibly decentralized Cronos blockchain was halted after a price manipulation attack allowed an attacker to borrow more than 75 million against nearly worthless collateral from the Tectonic lending platform. The attacker pumped the price of the thinly traded TONIC token, the native token of Tectonic, then borrowed against it. The attacker cashed out approximately 6 million by bridging it to Ethereum before the Cronos chain was halted, limiting their profits. The blockchain was offline…