Cronos Reverses $111 Million DeFi Exploit by Rolling Back Blockchain
- Cronos rolled back its blockchain to reverse approximately $111.2 million tied to the Tectonic exploit.
- The rollback discarded transactions over a period of nearly two hours, affecting unrelated activities.
- Approximately $9.19 million had already left the network and remains unrecovered despite the rollback.
- Validators halted the network at around 9:32 a.m. EST on August 30, reversing transactions across approximately nine hours offline.
Cronos, backed by Crypto.com, made the challenging decision to roll back its blockchain, reversing nearly two hours of transaction history to protect funds affected by an exploit on its lending protocol Tectonic. This intervention aimed to safeguard approximately $111 million in assets while acknowledging that some funds were irretrievably lost before the halt.
Despite recovering a significant portion of the exploited funds, approximately $9.19 million could not be retrieved as it left Cronos before validators could intervene effectively. (Source)
