TONIC

Cronos

2026-09-08 17:10:51

Cronos Reversed Nearly Two Hours of Transactions After Tectonic Exploit

Cronos, the blockchain network backed by Crypto.com, rolled back nearly two hours of transaction history after an exploit involving the Tectonic lending protocol, according to a post-mortem published Monday. The network said validators chose to restore the chain state in order to reverse about $111.2 million linked to the incident and protect roughly 92% of affected funds that were still on Cronos. The rollback wiped 10,961 blocks, removing 1 hour and 54 minutes of settled activity after validators halted the chain at 9:32 a.m. EST on Aug. 30. Cronos said the attacker manipulated TONIC prices in low-liquidity decentralized exchange markets and then borrowed about $120.4 million across nine markets using inflated collateral. The network resumed block production at 6:49 p.m. EST, after around nine hours offline. Cronos acknowledged that the decision also reversed all legitimate transactions processed during that period and said open positions on live applications were repriced when trading resumed. About $9.19 million had already left Cronos before the halt and remains unrecovered, beyond the reach of the rollback. The company also admitted communication during the shutdown fell short and said reversed transactions are now available through archived records rather than public block explorers.

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Cronos

2026-09-08 10:41:25

Cronos says Tectonic exploit involved $120.4 million in borrowing, chain rollback recovered about 92%

Cronos said in a post-incident report that the Aug. 30 exploit targeting lending platform Tectonic involved $120.4 million in borrowing activity. The network’s validators chose to roll back chain history after what Cronos described as a “difficult decision,” recovering about $111.2 million, or roughly 92% of the affected funds. Around $9.19 million left the network before the halt and was not recovered. According to the report, the attacker used weak DEX liquidity to push the price of Tectonic’s TONIC token up by about 100x within minutes, then borrowed $120.4 million across nine markets in a single transaction. Validators halted the network about two hours later and restored the chain to the last block before the suspicious activity. Block production resumed about 11 hours after the attack. The rollback reversed 10,961 blocks spanning 1 hour and 54 minutes, canceling all transactions in that window whether they were tied to the exploit or not. Cronos said the alternative was to restart the network without restoring the previous state, which would have left the stolen assets with the attacker.

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Cronos

2026-09-08 08:10:44

Cronos says $9.19M left chain before Tectonic exploit rollback reversed $111.2M

Cronos has released a post-mortem on the Tectonic exploit, saying roughly $120.4 million in borrowing activity was generated after collateral values were manipulated. Of that total, about $111.2 million was reversed when the network was restored to its pre-exploit state, while $9.19 million had already moved off-chain before validators stepped in. The report gives the clearest accounting so far of the funds that escaped the rollback. Cronos said 7.6% of the affected amount left the network, a figure above earlier onchain tracing from Bitquery that had identified $8.3 million bridged to Ethereum. The disclosure also revises the scale of the incident upward from earlier estimates of about $75 million. Cronos said Tectonic detected the activity at 12:49 UTC on Aug. 30. Validators halted the chain at 14:32:47 UTC, and block production resumed at 23:49:01 UTC after balances were restored. Earlier reporting cited one transaction that emptied nine Tectonic lending markets through 11 transfers involving stablecoins, Bitcoin, Ether and other assets.

1600

Cronos

2026-09-01 07:25:31

Cronos rolls back chain after Tectonic exploit, reviving debate over finality and governance

Cronos halted its network and chose to roll back the chain after a hack hit Tectonic, the largest lending protocol in the Crypto.com-linked ecosystem, on Aug. 30. The attacker spent about 20 minutes pushing up the price of TONIC, Tectonic’s low-liquidity governance token, by roughly 100x, then used the inflated token as collateral to borrow other assets. The incident affected about $75 million, with around $6 million already bridged to Ethereum before the chain was paused. On Aug. 31, Cronos said it would restart the network from block height 90896189, effectively reverting the chain to a state before the exploit. That move may erase most of the losses that remained on Cronos, but it also wipes out normal user activity that happened after that point. Before the halt, the chain had reached block height 90907150, leaving 10,961 blocks of transactions invalidated. The decision has reopened a broader argument about transaction finality on public blockchains. It also drew comparisons with an earlier Cronos controversy: after Crypto.com announced a burn of 70 billion CRO in 2021, Cronos later proposed in 2025 to re-mint those tokens for a strategic reserve, a plan that passed after voting shifted late in the process.

550

Tectonic

2026-08-31 03:01:10

Tectonic hit by TONIC price manipulation attack, losses estimated at about $74 million

Cronos-based lending protocol Tectonic was hit by an attack on Aug. 30 in which an exploiter allegedly used thin TONIC liquidity to push the token’s price up by about 100x in roughly 20 minutes, then used the inflated collateral value to borrow more liquid assets from the protocol. Researcher Weilin Li initially traced about $66 million tied to the exploit, including roughly $6 million bridged to Ethereum and about $60 million left in three Cronos addresses, before identifying another attacker-linked address holding about $8 million. PeckShield later estimated total losses at around $74 million. Cronos halted block production after confirming a vulnerability affecting Tectonic, while the protocol told users to stop interacting with it. Crypto.com CEO Kris Marszalek said the Crypto.com app and exchange were not affected and that the company’s security team was helping with the investigation. Before the incident, Tectonic was the largest lending protocol on Cronos by total value locked. DefiLlama data cited in the report showed about $120 million in TVL and roughly $82.7 million in active loans before the attack; by Aug. 31, TVL had dropped to below $3 million. The report compares the incident with the MAMO market exploit on Moonwell on Aug. 27 and the 2022 Mango Markets case, both of which involved low-liquidity token price inflation feeding into borrowing power through protocol pricing systems.

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