Taipei's Kronos Research Confirms $26 Million Crypto Hack, Suspends Trading Operations


19 Nov 2023 5:50 PM

Kronos Research acknowledged a security breach resulting in a $26 million hack due to unauthorized access to its API keys....

  • Taipei-based crypto trading firm Kronos Research experienced a security breach resulting in a $26 million hack from unauthorized access to its API keys.
  • Trading activities on the Woo network, a significant crypto trading platform, were temporarily suspended due to the incident.
  • Kronos Research publicly disclosed the hack and halted all trading operations to address the breach. An investigation is underway.
  • Kronos Research assured stakeholders that it remains in good standing and will cover all losses without impacting partners.
  • Crypto investigator ZachXBT revealed a transfer of 12,800 ETH, valued at $25 million, to five new addresses associated with the incident.
  • Kronos Research is committed to restoring services and aims for a swift recovery.
  • Woo Network, heavily reliant on Kronos Research as its primary liquidity provider, experienced a liquidity gap and a distributed denial-of-service (DDoS) attack on its homepage.
  • Woo Network has resumed spot and perpetual trading activities and asset withdrawals.
  • The WOO token value on the exchange declined by roughly 6% within the last day.
  • Kronos Research and Woo Network are working to restore operational stability and ensure user safety and asset protection.

The article discusses a security breach and hack experienced by Kronos Research, resulting in a significant loss of crypto assets. However, Kronos Research assures stakeholders of its stable standing and pledges to cover all losses without impacting partners. The article also mentions the impact on the Woo network and its efforts to restore operational stability and ensure user safety. Overall, the sentiment is a mix of concern over the breach and optimism for recovery.

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You May Ask

What was the cause of the security breach at Kronos Research?How much was the total loss in crypto assets due to the hack?Who is ZachXBT and what role did they play in uncovering the hack?How has the hack affected the trading activities on the Woo network?What measures are being taken to mitigate future disruptions on the Woo network?

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