Kronos Research Hit With API Key Hack

Crypto Daily
Crypto Daily

20 Nov 2023 2:00 PM

The hacker then made of with an estimated $25.6M as Kronos immediately paused all trading....

  • Cryptocurrency fintech firm Kronos Research confirmed a hack in which attackers gained access to the company's API keys and stole various crypto assets.
  • The attackers made off with 24.6M USDT, 488.7 ETH, and 125,056 USDC, which were then swapped for a total of 13,010 ETH.
  • Kronos paused all trading operations on its platform Woo X and assured customers that the stolen assets represent an insignificant portion of their equity.
  • The firm is prioritizing the resumption of its trading platform and liquidity services.
  • Q3 2023 has been the most damaging quarter for crypto asset losses, with over $700M lost to attacks, surpassing the combined losses of Q1 and Q2.
  • Key exploits and oracle manipulation are common hacking techniques in the crypto space.
  • Kronos is a leading platform for consistent liquidity, founded by Mark Pimentel and Jack Tan and currently led by Hank Huang and Vincent Liu.

The sentiment of the article is negative due to the hack and the significant losses suffered in the crypto industry.

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