On August 30 Tectonic on Cronos suffered a major exploit after an attacker manipulated the low liquidity TONIC governance token pushing its price nearly 100x in under 20 minutes. The inflated value was then used as collateral to borrow assets from the protocol
Around $6.29M was moved to Ethereum and converted into more than 2,600 ETH. An estimated $68.7M remains on Cronos where the affected funds have been paused. The attacker later sent 2,659 ETH to Tornado Cash making the trail harder to follow.
Separately PeckShieldAlert and Specter reported a possible exploit of Notional Finance’s escrow contract. The incident allegedly resulted in approximately $1.7M in DAI and USDC being stolen. The attacker then swapped the assets for 689.2 ETH and deposited the funds into Tornado Cash further complicating the tracking and recovery process. The two incidents show how quickly stolen assets can be converted and moved across networks after an exploit.
The exploit began with TONIC’s price being artificially inflated nearly 100x