tonic

According to market news, the Tectonic attacker marked address has deposited 2,658.9 ETH (approximately 6.65 million USD) into TornadoCash.

The Cronos network has resumed and restarted block production after pausing operations to protect users from the vulnerabilities of the Tectonic protocol. A complete post-incident analysis report will be released soon.

Cronos Network officially announced that the network has resumed block production and is fully operational again. Previously, Cronos paused block production due to a vulnerability exploitation incident involving the Tectonic protocol, and validators took emergency consensus measures to protect user funds, rolling back the chain state to before the Tectonic vulnerability exploitation on August 30.The network has resumed block production at UTC time August 30, 23:49:01 from block height 90,896,189. Cronos stated that node operators can now restart their nodes using Cronos v1.7.8 and the latest mainnet snapshot.The network is currently under continuous monitoring, and some protocols, RPC service providers, block explorers, and cross-chain bridges are expected to take longer to recover. Cronos stated that the team will release a complete event review report after confirming network stability.

The Cronos network associated with Crypto.com has paused operations after detecting an attack on the lending protocol Tectonic. The Cronos Network stated on the X platform that it has identified vulnerabilities on Tectonic and has paused the network. Tectonic also confirmed that it is investigating the related incident and advised users not to interact with the protocol until safety is confirmed. According to DefiLlama data, Tectonic had a total locked value of approximately $121.7 million before the incident, with active loans of about $82.7 million.On-chain researcher Weilin Li attributed the attack to price manipulation of the TONIC token. The attacker bought enough TONIC within 20 minutes to inflate its price by about 100 times, and then used the inflated tokens as collateral to borrow other assets from Tectonic, a method similar to the 2022 Mango Markets oracle manipulation attack. Li initially estimated that the attacker profited about $66 million, and later discovered another address controlled by a different attacker containing about $8 million, bringing the total estimate to around $75 million. Li also stated that the attacker only successfully bridged about $6 million to Ethereum, as the pause on the Cronos network prevented most affected assets from flowing out.Crypto.com CEO Kris Marsalek stated that the company's app and exchange were not attacked, and its security team is assisting Tectonic with the investigation.

Serenity posted that it remains bullish on the storage sector represented by Micron (MU) and Samsung, believing that the market often rotates between different supply bottlenecks. This week, stocks in the photonics sector, such as AXTI and LITE, have once again become the focus; compared to the decline in July, the main change is the stock price, followed by scattered narratives and business updates.He pointed out that the market was already aware during the July decline that COHR and LITE's laser products would be sold out for the next two years, and it had also learned about the demand imbalance from AAOI's last quarter earnings call. Aside from the changes in stock prices after liquidation, the fundamentals of the photonics sector have not deteriorated; the bottlenecks in optical transceivers and indium phosphide substrates remain unchanged and may even worsen.In terms of storage, Serenity stated that retail investors are showing signs of capitulation, but the same group had previously signed 16 SCAs with MU and had extremely bullish forecasts. He believes that the current operating profit to market value ratio of the storage business is "extremely unreasonable," and that next year's demand imbalance may be even more severe; the only thing that has changed for the same company is the valuation and narrative, while the market rotates between different sectors.

"New Stock God" Serenity stated that AAOI is its most favored photonics stock in the U.S., with the stock rising 20.1% today. Serenity believes that if investors are looking for the "next SanDisk," AAOI might be the relevant target. It mentioned that photonics-related companies may encounter a significant turning point in the second half of 2027. Currently, it is still slightly early to enter the second half of 2026, as the industry is still in the capacity construction phase.Serenity stated that, generally speaking, except for aerospace and quantum concepts, the market usually prices future growth about 8 months in advance. It believes that the turning point for accelerated revenue growth in photonics companies is approaching, and the key is to wait for the right timing and endure fluctuations during the period.

ChainCatcher news, according to Cointelegraph, the MultiVM execution layer Cytonic has completed a $8.3 million seed round financing, led by Lattice and Lemniscap, with participation from IOBC, Nomura, Lyrik, Public Works, Arthur Hayes, and other notable investors. Currently, Cytonic is compatible with EVM and SVM, allowing existing tools, wallets, and DApps running on EVM or SVM chains to migrate directly to Cytonic and operate seamlessly.ChainCatcher notes that Cytonic was co-founded by former Spin Labs executive Ivan Miskovic, former Foresight Ventures partner Chelsea, and former Faraway senior engineer Badconfig. By introducing new technologies such as MultiVM and MultiRPC, it launched the first Layer1 blockchain capable of running multiple virtual machines within the same network and sharing storage, enabling developers to deploy existing applications from multiple virtual machine networks like EVM on Cytonic without rewriting code, simplifying the development and scaling process, while also allowing users to perform synchronous cross-virtual machine atomic swaps.

ChainCatcher news, according to TheBlock, blockchain development company Proximity Labs and the Orderly Network, Spin, and Tonic decentralized exchanges on the Near Protocol blockchain announced a $10 million developer fund.The fund will provide funding and investment for new development teams building on Orderly, Spin, or Tonic, which are decentralized trading protocols relying on virtual order books. These projects use the Near blockchain as a settlement layer, offering a trading experience similar to centralized exchanges. New projects can integrate with these protocols and use them to provide liquidity for their own tools. (TheBlock)