Taiwanese Crypto Trading Firm Suspends Operations Following $26 Million Hack
Taipei-based trading platform, Kronos Research has suffered a cybersecurity breach, leading to a staggering $26 million loss in crypto assets. The hack...
- Taipei-based trading platform, Kronos Research, experienced a cybersecurity breach resulting in a loss of $26 million in crypto assets.
- The breach was first reported by crypto on-chain sleuth ZachXBT, who confirmed the magnitude of the fund outflow.
- Kronos acknowledged the unauthorized access to its API keys and has halted all trading operations to conduct a full-scale investigation.
- The company aims to recover the losses quickly and assured users that all losses will be covered internally.
- The breach follows a recent attack on the crypto exchange platform Poloniex, resulting in losses over $100 million.
- Kronos uses the WOO platform and functions as the market maker for spot and perpetual futures market.
- WOO X, the crypto exchange affected by the breach, temporarily paused its operations but later resumed trading activities and withdrawals.
- The online crypto community raised questions about the relationship between Kronos and WOO, comparing it to FTX and Alameda Research.
The article discusses a cybersecurity breach that resulted in a significant loss of crypto assets for Kronos Research. The sentiment is negative as it highlights the breach and the losses incurred. However, there is a positive sentiment regarding Kronos' assurance to cover the losses internally and the resumption of trading activities by WOO X.