Taiwanese Crypto Trading Firm Suspends Operations Following $26 Million Hack

Crypto News
Crypto News

20 Nov 2023 9:28 AM

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.

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You May Ask

What trading platform experienced a cybersecurity breach, leading to a $26 million loss in crypto assets?Who first reported the breach and confirmed the magnitude of the fund outflow?What actions did Kronos Research take in response to the breach?How did the breach affect WOO X and its operations?What comparisons were made by the online crypto community regarding the relationship between Kronos and WOO X?

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