The Cronos blockchain halted block production on Sunday after Tectonic, the network's largest lending protocol, was hit by an exploit. Crypto.com, the company behind the chain, said its app and exchange were unaffected; researcher Weilin Li put the suspected loss at about $75 million, with around $60 million still tied up on Cronos since the network stopped producing blocks.
Cronos Network confirmed it had detected a vulnerability and suspended block creation, while Tectonic warned depositors to stay away. Crypto.com CEO Kris Marszalek said the app and exchange remained fully operational, with a post-mortem analysis to come. It remains unclear whether Tectonic's depositors will be compensated for any losses.
DefiLlama data shows Tectonic held roughly $121.6 million, or 46% of the total DeFi value locked on Cronos. Validators are now weighing three options: roll back the chain, blacklist the attacker, or restart the network. Techub News relayed the initial reporting from BeInCrypto.
The Cronos blockchain was halted on Sunday after Tectonic, the network's largest lending protocol, came under attack. The incident was detailed by BeInCrypto, via Techub News; Crypto.com said its app and exchange were unaffected.
Researcher Weilin Li estimates the exploit involves roughly $75 million, of which about $60 million remains stranded on Cronos after the chain stopped producing blocks. Cronos Network said it identified a vulnerability and halted block production; Tectonic in turn warned depositors to stay away. Crypto.com CEO Kris Marszalek said the app and exchange are operating normally, with a post-mortem analysis to follow. Whether Tectonic depositors will be compensated has not been clarified.
DefiLlama data shows Tectonic holds about $121.6 million, or 46% of the total DeFi value locked on Cronos, making it the chain's largest lending protocol. Validators now have to choose between rolling back the chain, blacklisting the attacker, or restarting the network.
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