Kronos Research, a market maker, trading firm, and venture capital fund based in Taipei, recently experienced a security breach that resulted in the unauthorized access to its API keys. As a result, the company lost a significant amount of crypto funds and has temporarily halted all trading operations to conduct a thorough investigation. The breach led to the withdrawal of over $25 million in Ether from Kronos’ wallet. Despite the losses, Kronos assured that the potential losses do not represent a significant portion of its equity and that all losses will be covered internally without affecting its partners. The company aims to resume trading as soon as possible but has not provided an update on the resumption process. The security incident also affected WOO X, a cryptocurrency exchange where Kronos serves as the market maker for its spot and perpetual futures markets. WOO X temporarily paused all trading to protect users’ positions from a lack of liquidity. However, the exchange assured that all customer funds are safe. WOO X has since resumed trading in both the spot and perpetual futures markets and clients can now make withdrawals for all assets. Despite this, the exchange has faced criticism from the online crypto community regarding its relationship with Kronos, which some consider to be unclear. Overall, the breach at Kronos Research represents the third-largest crypto theft in November 2023, with approximately $26 million in crypto assets lost. This incident adds to the total of $173 million lost to crypto attacks in November, with Poloniex’s $113 million hack being the most notable.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | ZachXBT |
| Companies | X (formerly Twitter), Kronos Research, WOO X, Ether, Certik, API, Poloniex, ZachXBT |
| Currencies | Lido Staked Ether |
| Securities | None |
