Home / Business and Economy / Crypto Platform Drained $6M in Token Price Hack
Crypto Platform Drained $6M in Token Price Hack
31 Aug
Summary
- Over $74 million was borrowed using manipulated token prices.
- Hackers managed to drain at least $6 million from the platform.
- Cronos blockchain validators have frozen all trading activity.
A significant security breach has occurred on a digital-asset lending platform connected to Crypto.com, resulting in the loss of at least $6 million. Blockchain security firm PeckShield reported that the attacker secured over $74 million in borrowed funds by manipulating the prices of tokens designated as collateral.
This exploitation has prompted swift action from the custodians of the Cronos blockchain. Validators responsible for governing the network have initiated a freeze on all trading activities. This measure is intended to prevent further illicit transactions and secure the affected assets.
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