Tectonic and Moonwell were exposed to over $84 million after attackers manipulated the value of thinly traded token collateral to borrow liquid assets. The tactic exploits a mismatch between deep lending pools and shallow markets: relatively limited trading can move the collateral price sharply, allowing attackers to support larger borrowing positions. US regulators targeted this playbook after Mango Markets, highlighting the risks of using easily manipulated market prices in crypto lending protocols.