Cronos Ecolending Agreement Tectonic was suspended after the attack. The project party indicated that it was investigating and reminded the user not to interact with the agreement until it was secured. The scale of this loss has not yet been conclusively confirmed by Tectonic, but the initial estimate from the chain analysis is approximately $119.5 million.
About $119.5 million was transferred out in 65 minutes.
According to a chain analysis based on the Cronos archive node, the relevant lending pool was removed within approximately 65 minutes, approximately $119.5 million. The remaining assets in the affected markets were only about $1.73 million.
The analysis also revealed that the incident triggered 752 liquidations involving the seizure of approximately $8.71 million of assets from other users while leaving behind approximately $32.6 million in bad debts. Tectonic has not yet published the final loss figures.
The attack is suspected to have taken advantage of an extraordinary increase in Tony's prices.
The chain analysis revealed that the attackers first deposited 3091 TONIC units and borrowed 3697 in the same block. About 14 seconds later, Tony predicted that machine prices would rise to 6.46 times the original price within individual blocks.
After the value of the collateral was rapidly amplified, the attackers were able to borrow approximately $125.6 million in assets. Assets transferred include:
- US$ 54.32 million
- US$ 4487 million
- 95.36 WBTC, 1861 WETH
The chain data show that approximately $75.7 million was transferred to an external wallet, while another approximately $43.7 million went to a contractual address.
Cronos suspends the network and links.
Cronos Network subsequently confirmed that Tectonic had a loophole and announced the suspension of the network. According to the project party, the investigation was being conducted with the Cripto.com security team.
Cris Marszalek, CEO of Cripto.com, stated that the Apple and Exchange of Cripto.com had not been affected and that customer funds were secure. The $119.5 million currently widely quoted outside is still a chain estimate and is not the final recognized loss of Tectonic.