A major exploit is forcing the Cronos Network to halt its blockchain after targeting the Tectonic decentralized lending protocol.
The network says it identified the incident and paused operations while promising updates.
“We identified an exploit in Tectonic. The Cronos Network has been halted and we’ll provide updates here.”
Tectonic is confirming awareness of the incident and urging users not to interact with the protocol.
“We are aware of an incident affecting Tectonic and our team is actively investigating. As a precaution, please do not interact with the protocol until we confirm it is safe to do so.”
The protocol is also recommending that users revoke token approvals as funds may be at risk.
“User security is our highest task. We recommend that all users revoke token approvals granted to our contracts while we investigate a security incident. Funds of users who have interacted with Tectonic Protocol currently be at risk.”
Initial analysis indicates the attacker exploited the protocol’s governance token TONIC through a price manipulation attack that caused its price to surge 100x in 20 minutes.
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The post Cronos Network Halts Blockchain After Tectonic Lending Protocol Exploit appeared first on The Daily Hodl.
Cronos halted its blockchain following an exploit on the Tectonic decentralized lending protocol estimated at $75 million, with the majority of funds remaining on the network.
The post Cronos Network Halts Blockchain After Tectonic Lending Protocol Exploit appeared first on The Daily Hodl. Scams, Hacks & Breaches, Crypto, exploit, Hack, News
This articles is written by : Nermeen Nabil Khear Abdelmalak
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