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Kronos Research Halts Operations After Losing $26 Million In Security Breach
3 months ago
Crypto Daily
Crypto Daily
Coinspeaker
Coinspeaker
followers

Coinspeaker Kronos Research Promises $2.5M to Hacker but There’s Catch Cryptocurrency trading firm Kronos Research has extended what seems like a good-faith gesture to its recent hacker. In mid-November, the Taipei-based investment firm was exploited via stolen API keys. The crypto trading firm has since taken to its official X page to announce the security breach. It said the breach saw the hacker making away with a total of $25 million, a significant loss for the platform. In an attempt to calm its users, Kronos issued the following statement via an X post: “At present, we can confirm that the losses are about $26 million in crypto assets, and despite it being a sizable amount, Kronos remains in good standing. All losses will be covered internally, and no partners will be affected.” Interestingly, it looks like one way that Kronos intends to cover the losses “internally” is by negotiating with the attacker. A recent message that Kronos sent to the hacker shows the firm requesting that the attacker return 90% of the stolen funds.  This means that they get to keep the remaining 10% to themselves. Kronos also promises that there would be no further action from its end once these conditions are met, Etherscan reveals. It is not exactly clear whether or not the hacker will choose to return the funds. However, Kronos may have subtly suggested in its message that failure to do so would result in the involvement of relevant authorities on the matter. Kronos Research Hack: Another Proof of a Growing Trend of Hacker Negotiations It is worth mentioning that the unfolding events in the Kronos hack point to the fact that public, on-chain negotiations between hackers and their victims have become increasingly common. Just as with Kronos, KyberSwap also recently gave 10% away to an attacker who recently stole funds from the decentralized exchange. Similarly, Curve Finance did the same in August. It negotiated with hackers via transaction signing and also gave out the same 10%. Whatever might be the case, these occurrences are gradually becoming a trend. A trend where firms may just unknowingly be encouraging continued bad acting without any serious consequences to these hackers. To put the above statement into perspective, over $1.2 billion has been stolen from Decentralized Finance (DeFi) protocols. That is so far in 2023 alone, according to DeFiLlama. next Kronos Research Promises $2.5M to Hacker but There’s Catch

3 months ago
CoinDesk
CoinDesk
followers

Taipei-based cryptocurrency trading and investment firm Kronos Research has opened the doors to negotiations with a hacker who made off with $25 million from the company's treasury earlier this month. In a message to the hacker, Kronos told him: return 90% of the stolen funds and we will drop this matter, Etherscan shows. Last week, the Taiwanese trading and venture capital firm reported through a post on

3 months ago
CryptoPotato
CryptoPotato
followers

After being robbed of $26 million in crypto earlier this month, trading firm Kronos Research is reaching out to their hacker to negotiate. The company has offered to drop all legal charges if the hacker returns 90% of the stolen funds, leaving him ~$2.5 million to keep. The Kronos Research Hack Kronos made its offer through an Ethereum transaction message to the hacker’s blockchain address on Monday – a common method for directly negotiating with anonymous crypto thieves. “We acknowledge the complexity of the situation and are prepared to negotiate a resolution,” wrote Kronos. “We propose a 10% bounty of any funds stolen, with the remaining 90% to be returned, in which case we will not pursue this further.” The firm added that its offer will only remain valid until Thursday, November 30 at 08:00 UTC. Kronos initially reported the hack on November 18, claiming that an unauthorized entity had gained access to its API keys. Trading and withdrawals have resumed since, and the company assured followers that its losses were “not a significant portion” of its equity and could be covered internally. Later research from blockchain investigators at Lookonchain found that most of the losses ($24.57 million) were lost in Tether USD (USDT), alongside another ~$959,000 in Ether (ETH), and ~$125,000 in USD Coin (USDC). The Beauty of Bounties The loot, while substantial, is hardly unordinary in crypto. Less than a week prior, on-chain sleuth ZachXBT reported a $27 million USDT hack from an unidentified crypto wallet, after which the hacker used common methods to obscure his trail of stolen funds on the blockchain. In another major hack this month, Justin Sun-owned crypto exchange Poloniex lost $125 million across over 175 different assets including BTC, ETH, stablecoins, and various memecoins. Another of the billionaire’s exchanges, HTX, was hacked for $8 million in September. In both cases, the exchanges offered whitehat bonuses similar to Kronos, proposing to let the hackers keep 5% of their loot. The HTX hacker has already accepted and returned most of the money, with Sun now planning an “epic airdrop” for victims at both exchanges. Kyber Network – a cross chain DEX protocol hacked for over $46 million last week – also recovered $4.7 million on Monday through whitehat bounty negotiations. The post Kronos Research Offers 10% Bounty Following $26 Million Hack appeared first on CryptoPotato.

3 months ago
Cryptopolitan
Cryptopolitan
followers

In an unprecedented move within the cryptocurrency world, Kronos Research, a Taipei-based crypto trading firm, has extended a surprising olive branch to a hacker who recently exploited the company’s security vulnerabilities, resulting in a staggering loss of approximately $26 million in crypto assets.  This unexpected gesture signals a growing trend of public negotiations between hackers and their victims, with victims opting to negotiate and offer a portion of the stolen funds to the attackers in exchange for the return of the remaining assets. A significant security breach Kronos Research made a public announcement through its official platform, acknowledging the security breach that occurred in mid-November. The breach allowed the hacker to abscond with $26 million worth of crypto assets, which undoubtedly constitutes a substantial setback for the trading firm.  The breach primarily involved the theft of API keys, highlighting the inherent vulnerabilities associated with cryptocurrency trading platforms. Kronos remains resilient In response to the security breach, Kronos Research reassured its users through a statement posted on its official platform, referred to as “X.” The statement affirmed the company’s commitment to covering the entire loss internally, emphasizing that no partners or stakeholders would be adversely affected. While $25 million was initially reported as the loss, Kronos confirmed the actual amount as approximately $26 million in crypto assets. The most intriguing aspect of Kronos Research’s response to the breach is the direct negotiation it initiated with the hacker responsible for the theft. In a message conveyed to the attacker, Kronos requested the return of 90% of the stolen funds, offering to allow the hacker to retain the remaining 10%. The company further pledged that no legal actions would be pursued once the conditions of returning the funds were met, as revealed by Etherscan data. The outcome of these negotiations remains uncertain, and it ultimately depends on the hacker’s willingness to cooperate. However, Kronos Research subtly hinted that the involvement of relevant authorities could become a reality if the funds are not returned, casting a shadow of legal consequences over the situation. A growing trend of hacker negotiations The Kronos Research security breach underscores a broader trend in the cryptocurrency world: the emergence of public, on-chain negotiations between hackers and their victims. This trend has gained momentum as other crypto platforms have followed a similar path. KyberSwap recently conceded 10% of stolen funds to an attacker, while Curve Finance did the same back in August, also offering a 10% reward for the return of stolen assets. The implications of this trend are far-reaching, as it may inadvertently incentivize bad actors to continue their illicit activities without facing severe repercussions. While it is essential to explore alternative means of recovering stolen assets, such negotiations may inadvertently create a new risk for the crypto industry. The Kronos Research incident is just one example of a broader problem plaguing the cryptocurrency industry. In 2023 alone, more than $1.2 billion has been pilfered from Decentralized Finance (DeFi) protocols, as reported by DeFiLlama. These staggering losses underscore the pressing need for improved security measures and robust risk mitigation strategies within the decentralized finance sector.

3 months ago
Crypto PM
Crypto PM
followers

$WOO WOO X has raised $9M in a funding round backed by Wintermute Crypto exchange WOO X has secured $9M to improve liquidity. Investors in the round include Wintermute, Selini Capital, Time Research, Presto Labs, Pulsar, AlphaLab Capital, Efficient Frontier, Amber and Riverside Hedge. WOO revamped its business model in Q3 2023 to partner with more liquidity providers for spot and perpetual futures markets in an attempt to move away from Kronos Research. The exchange plans to launch a DMM program for its spot markets in the first quarter of this year. Collectively, these initiatives will enable WOO X to achieve a 100% custody ratio by Q2 of 2024. #TrendingTopic #TradeNTell #WOO

about 1 month ago

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