Tectonic

The attacker built a leveraged TONIC/tTONIC collateral position through 98 recursive operations, then transferred TONIC directly into the tTONIC contract twice without minting corresponding tTONIC, increasing the tTONIC exchange rate outside the normal deposit path. com Exchange pricing without smoothing or a circuit breaker.

These effects compounded the collateral valuation, allowing the attacker to borrow and remove more than $120M of assets from Tectonic’s lending markets within roughly 11 minutes.