Fraudsters steal $6M from Tectonic crypto platform after inflating token price

Source: The Record At least $6 million was stolen from crypto platform Tectonic after an attacker manipulated the price of the Tonic coin.

The decentralized lending platform confirmed Aug. 30 that it was dealing with a security incident, and the public blockchain Cronos halted activity to prevent an outflow of stolen funds.

The fraudsters were able to jack up the price of Tectonic’s thinly traded coin to more than 100-times its original price in the span of 20 minutes. Tectonic said it plans to reopen in phases, initially allowing withdrawals while keeping borrowing and depositing activity paused. The company said it will release a full postmortem on the incident at a later date.

As of Aug. 31, it was unclear who launched the attack against Tectonic. Full Story