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Crypto.com-Linked Lending Platform Hit by $74 Million Exploit

News.Bloomberglaw • August 31, 2026

An attacker drained at least $6 million from a Crypto.com -linked digital-asset lending platform after borrowing over $74 million by manipulating the price of tokens used as collateral, according to blockchain security firm PeckShield.

Validators that govern the Cronos blockchain froze all trading activity after discovering that the decentralized lending platform Tectonic was exploited on Sunday, PeckShield said in a post on X. The attacker pumped up the value of the native Tonic token by 300-fold within 20 minutes, according to CoinGecko data. The inflated tokens were then used as collateral to borrow other assets.

The total value cryptoassets deposited ...

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Cronos Network Halts After $75M Tectonic Exploit On August 30, 2026, the Cronos blockchain halted operations after an exploit drained approximately $75 million from Tectonic, its largest decentralized lending protocol. The attacker manipulated the price of TONIC, Tectonic's governance token, inflating it nearly 100-fold within 20 minutes. This inflated collateral was then used to borrow real assets from the protocol. Only about $6 million was successfully bridged to Ethereum before the network was paused, leaving an estimated $60 million stranded on Cronos. The incident has raised concerns regarding the stability of decentralized finance (DeFi) systems and the vulnerabilities of low-liquidity tokens. Crypto.com, the parent company of Cronos, confirmed that its exchange and app were unaffected, but the future of Tectonic depositors remains uncertain. Investigations are ongoing, with no timeline provided for resuming operations. 20 sources 65

Crypto.com-Linked Lending Platform Hit by $74 Million Exploit

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