News linked to both this project and an event.
According to the post-incident report released by Tectonic, the Cronos blockchain lending protocol Tectonic suffered an oracle manipulation attack at 12:49 UTC on August 30, 2026. By repeatedly borrowing and re-collateralizing TONIC tokens 98 times within a single transaction, the attacker drove up the TONIC collateral price by approximately 195 times. Leveraging this artificially inflated value, they subsequently extracted assets with a nominal value of $120.4 million from nine lending markets, spanning USDC, USDT, WBTC, WETH, and other assets. The attacker then bridged the stablecoins to Ethereum and converted them to ETH, while selling the remaining assets for CRO on the Cronos chain before withdrawing them. Approximately $9.19 million in total successfully escaped before the network halt. At 14:32 UTC, Cronos validators emergency-paused the network, rolling back the on-chain state to pre-attack conditions and restoring assets still held on Cronos. Currently, Tectonic's supply and borrowing functions remain suspended, while withdrawal and repayment capabilities continue normally. Tracing efforts for the stolen funds are being coordinated by blockchain forensics firms, law enforcement agencies, and stablecoin issuers, with freeze requests already filed with the relevant issuers.
According to an official tweet from Cronos Network, the Cronos network was previously affected by a vulnerability exploit targeting the Tectonic protocol. Validator consensus triggered an emergency halt to block production to protect user assets. The on-chain state has been rolled back to pre-exploit levels, and the network resumed block production at 07:49 Beijing Time on August 31, 2026, starting from block height 90,896,189. Node operators can now upgrade to Cronos v1.7.8 and use the latest mainnet snapshot to restart their nodes. The network remains under continuous monitoring, with select protocols, RPC providers, block explorers, and cross-chain bridges gradually recovering. A full post-mortem report will be released by the team in the near future.