Blockchain security company PeckShield statistics show that there were a total of 50 major security incidents in the crypto sector in August, an increase of 67% compared to 30 in July. However, the losses for that month were valued at $136.3 million, which is a decrease of 49.5% from approximately $270 million in July.
This set of data reflects that the number of attacks increased significantly in August, but the losses were mainly concentrated in a few large-scale incidents. Among them, Tectonic incurred losses of approximately 74 million US dollars from lending protocol incidents on the Cronos chain, accounting for more than half of the total losses for that month.
Tectonic accounts for the majority of losses for the month
According to PeckShield, if Tectonic is excluded, the total loss from the remaining 49 incidents in August amounts to approximately 62.3 million US dollars, with each individual incident being significantly smaller in scale.
- Moonwell, approximately 8.7 million US dollars
- Term Labs, approximately 8.5 million US dollars
- Coinsbuy and TAC are approximately $7.9 million and $7.5 million respectively.
In addition, Injective, MANTRA, BounceBit, Cosmos Labs, and Aquifer also made it into the top ten losers of the month.
Cronos temporarily suspended block generation
On August 30, Tectonic disclosed that a security incident occurred with its lending protocol based on Cronos, and reminded users not to interact with the platform for the time being. Security researchers estimate that attackers borrowed assets by manipulating the prices of collateral, involving an amount of approximately 74 million US dollars.
After discovering that the attack was still ongoing, Cronos verifier paused block production. According to independent address analysis and PeckShield tracking, the attacker had transferred approximately 6 million US dollars to Ethereum before pausing the attack, while most of the remaining identified assets remained within the Cronos network.
Subsequently, Cronos resumed block generation after restoring the network to its state before the attack. Network updates indicated that block generation restarted at block height 90,896,189 at UTC at 23:49:01. Node operators were required to install version Cronos 1.7.8 and use the mainnet snapshot from before the incident.
The final loss may still be adjusted.
PeckShield indicates that the current amounts are all estimated values, and they may be adjusted later due to project reviews, asset freezes, or recoveries. Tectonic The final loss figures have not yet been announced, nor has a complete technical report or compensation plan been released.
Crypto.com The Chief Executive Officer Kris Marszalek previously stated that the affected protocol is Tectonic, not the centralized exchanges of Crypto.com or App. Customer funds have not been impacted. The company's security team is assisting Cronos in the investigation.
Additional information:PeckShield also mentioned that attackers have begun to transfer some cross-chain assets, and there are initial signs of conversion towards Bitcoin, but the scale is still far smaller than the total amount involved in this incident.
