An attacker allegedly pushed Tectonic’s thinly traded TONIC token up 100-fold, used it as collateral to borrow real assets and left most funds stranded when Cronos validators paused the network.
- Cronos halted its blockchain Sunday after an attacker manipulated the price of Tectonic’s thinly traded TONIC token and borrowed real assets against inflated collateral, in an exploit estimated at about $75 million.
- Tectonic’s total value locked plunged from about $121.7 million on Aug. 26 to roughly $3 million by Monday, according to DefiLlama.
- Cronos and Tectonic had not provided a timetable for restarting the network or confirmed the losses as of Monday morning.
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The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters :
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
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