Kronos Research Halts Operations After Losing $26 Million In Security Breach
2023年11月20日 - 4:00AM
NEWSBTC
Kronos Research, a Taipei-based market maker, trading firm, and
venture capital fund, witnessed the withdrawal of significant
amounts of crypto assets due to a breach of its security
system. Kronos Breach: Investigation Underway On Sunday,
November 19, Kronos Research disclosed – via a post on X (formerly
Twitter) – a security incident that involved unauthorized access to
its API keys. Consequently, the company lost a significant amount
of crypto funds and has halted all trading operations in a bid to
launch a full investigation into the incident. A map of funds
outflow by on-chain sleuth ZachXBT summed Kronos’ losses to over
$25 million in Ether. In a follow-up post on X, the company also
confirmed that the losses are about $26 million in crypto assets.
Funds outflow from Kronos Wallet | Source: X/ZachXBT Related
Reading: Yearn Finance Tumbles: Rug Pull Rumors Swirl As Token
Takes A 45% Hit In its initial announcement, Kronos revealed that
the potential losses are not a significant portion of its equity.
Meanwhile, the trading firm said in its latest update that all
losses will be covered internally, and no partners will be
affected. Although Kronos has yet to provide an update on its
resumption process, the company did say that it aims to resume
trading as soon as possible. This $26 million attack on Kronos
Research represents the third most significant crypto theft in
November 2023. Before this latest incident, data from blockchain
security firm Certik revealed that about $173 million had been lost
to crypto attacks in November, with Poloniex’s $113 million hack
being the most notable yet. How Did This Hack Affect WOO X?
Interestingly, Kronos is not the only one affected by this security
incident, as WOO X is another cryptocurrency entity that has had to
pause its operations momentarily. WOO X is an exchange on which
Kronos functions as the market maker for its spot and perpetual
futures markets. In an address on the X platform, WOO X
acknowledged Kronos’ security situation and announced a
temporary pause on all trading to protect users’ positions from a
lack of liquidity. The exchange, however, emphasized that all
customer funds are safe. Related Reading: Ethereum Whistleblower
Reveals When Proof Of ETH Founders’ Fraud Will Be Released As of
this writing, WOO X has resumed trading in both the spot and
perpetual futures markets. Meanwhile, the exchange claims that
clients can now make withdrawals for all assets. Nevertheless, the
trading platform has faced some backlash from the online crypto
community, with some people pointing to its unclear relationship
with Kronos. Cryptocurrency total market cap on the daily timeframe
| Source: TOTAL chart on TradingView Featured image from iStock,
chart from TradingView
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