Customise Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorised as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyse the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customised advertisements based on the pages you visited previously and to analyse the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Kronos Research Halts Operations After Losing $26 Million In Security Breach

Kronos Research Halts Operations After Losing  Million In Security Breach

Education

Kronos Research Halts Operations After Losing $26 Million In Security Breach


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.

Kronos

Funds outflow from Kronos Wallet | Source: X/ZachXBT

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.

READ ALSO:  Bitcoin Road To Record Heights: Analysts Forecast Post-Halving Surge

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.

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.

READ ALSO:  New report highlights harm caused to families by the minimum income requirement

Kronos

Cryptocurrency total market cap on the daily timeframe | Source: TOTAL chart on TradingView

Featured image from iStock, chart from TradingView




#Kronos #Research #Halts #Operations #Losing #Million #Security #Breach

Source link

Continue Reading
Advertisement
You may also like...

More in Education

To Top