According to defillama.com website on the 22nd of Feb 2024 Tectonic (Finance) protocol on Cronos chain was exploited for $250,000.
On 22nd of Feb Tectonic team has announced on Discord:
gm Tectonians!
We have currently paused the deposit and borrow on our markets in view of suspicious transactions only affecting the isolated DeFi pool on Tectonic.
The team is all hands on deck to investigate this. We do not take pausing markets lightly and will share updates once we have more information.
We apologize for the inconvenience caused to the Tectonic Community and our partners.
On 23rd of Feb, there was a message:
cronos_chain is undergoing a technical upgrade. All services on tectonic will be resumed shortly. Thank you for your patience ????
On 24th of Feb, more details surfaced:
Dear Tectonians
We have concluded our preliminary assessment of the issue affecting the Tectonic DeFi pool.
The underlying issue occurred during a new token deployment that was not completed per our standard process, causing the pool to be prone to manipulation and bad debt (this was an operational issue, not a protocol flaw, affecting only ~0.1% of the assets locked in the protocol).
We want to take full ownership and take care of our community and partners to patch the bad debt in the DeFi pool with the Tectonic team treasury. It may take some time in accounting and preparation, but rest assured, our team has been all hands on deck.
We know this caused our community distress, and we will do all in our power to make our community whole and restore our strong unity.
No comments are visible on Twitter at all. Last tweet from 3rd of Jan 2023 (over a year ago) says:
Gm #Tectonians ????something ???????????? is coming ????
More details:
Date: 22/02/2024
Amount: $250,000
Classification: Protocol Logic
Technique: Flashloan New Market Exploit
Chain: Cronos
Returned Funds: $0
Addresses identified as exploiter (or related):
https://cronoscan.com/address/0x714cd4af820050746116942753fe86d854b49348
https://cronoscan.com/address/0x47ef752f08676a1c8a72959d73da5281b37661e4
Currently TONIC token that was issued by Tectonic Finance is -93% from its All-Time High.
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