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Fraudsters steal $6 million from Tectonic crypto platform after inflating token price

Fraudsters steal $6 million from Tectonic crypto platform after inflating token price

At least $6 million was stolen from crypto platform Tectonic after an attacker manipulated the price of the Tonic coin over the weekend. 

The decentralized lending platform confirmed on Sunday morning that it was dealing with a security incident, and the public blockchain Cronos halted activity to prevent an outflow of stolen funds. 

The fraudsters were able to jack up the price of Tectonic’s thinly traded coin to more than 100-times its original price in the span of 20 minutes. They then used the Tonic tokens, with their newly inflated price, as collateral in order to borrow assets against them — attempting to make off with an estimated $74 million, according to blockchain security firms.  

While more than $6 million left…

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