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first_img The Cronos network has suspended operations due to an attack on Tectonic, with estimated losses of around 75 million dollars

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.

first_img Cosmos Labs admits to misjudging a vulnerability, resulting in an attack on six chains with a loss of 5.7 million dollars

Cosmos Labs released a technical report, admitting that it previously misjudged an integer underflow vulnerability in the Cosmos EVM, which led to attacks on six blockchain networks between August 20 and 25, resulting in a total theft of approximately $5.7 million in tokens. The attacker exploited the vulnerability to underflow account balances to the maximum value of 2^256-1, then performed a reverse operation to transfer the inflated balance out, thereby stealing tokens from the target accounts without creating tokens out of thin air.The report shows that researchers submitted the defect through a bug bounty program on April 25, but testers were unable to reproduce it on the existing Cosmos chain configuration, so Cosmos Labs silently patched it in May. Independent researchers confirmed in early August that the vulnerability affected all Cosmos EVM chains, and Cosmos Labs released a patch on August 19, but the first attack occurred about 20 hours later.In terms of specific losses, MANTRA lost 720.9 million tokens (approximately $3.6 million), TAC lost nearly 3 billion TAC, and KiiChain lost about 148 million KII. Both MANTRA and KiiChain criticized Cosmos Labs for not notifying the affected chains in advance and suggesting a shutdown, with KiiChain stating that the patch would take several days to deploy while a shutdown would only take a few minutes. Cosmos Labs stated that it has coordinated responses with 40 chains and assisted 13 chains in completing repairs or shutdowns before being attacked.

first_img The nonprofit organization claims that Trump's cryptocurrency project caused investors a loss of $4.7 billion

Consumer rights organization Public Citizen released a report stating that U.S. President Trump and his family's cryptocurrency projects have resulted in investor losses of at least $4.7 billion since 2022. Most of the losses stem from the TRUMP meme coin issued by Trump, with investors losing about $3.2 billion, while buyers of World Liberty Financial's USD1 stablecoin "have not suffered significant losses."The report noted that Trump profited $7.2 million from NFT royalties, over $600 million from the sale of World Liberty tokens and equity, $635 million from meme coin royalties, and $197 million in revenue from investing in World Liberty. These figures do not include the company and project shares he continues to hold, and some data is included in the President's 2025 disclosure documents, showing his cryptocurrency-related income reached $1.4 billion.Public Citizen once again called for the inclusion of ethical provisions in the Digital Asset Market Clarification Act (CLARITY Act), requiring the U.S. President and his family to divest from industry-related projects. The bill is scheduled for a final vote on September 15 and requires support from at least 60 senators to advance. White House spokesperson Anna Kelly previously responded that Trump's cryptocurrency investments "do not present a conflict of interest."
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