Crypto Firm Kronos Research Hacked, Losing Millions in Assets
You may have heard about the recent hack on cryptocurrency fintech firm Kronos Research. According to the company’s confirmation on Twitter, hackers gained access to Kronos’ API keys and stole a significant amount of crypto assets, including USDT, ETH, and USDC. The attackers then exchanged the USDT and USDC for ETH, resulting in a total of 13,010 ETH being stolen.
Kronos Reacts and Promises Recovery
Following the hack, Kronos took immediate action, pausing all trading on its platform Woo X. The company assured its customers that it remains in “good standing” and is working on resuming trading operations and liquidity services as a top priority.
Rising Crypto Hacking Incidents in 2023
The hack on Kronos adds to the increasing number of security incidents in the crypto space in 2023. According to CertiK, the third quarter of 2023 alone saw over $700M in crypto assets lost due to various attacks, surpassing the combined losses of the previous two quarters.
Advice for Crypto Investors
Given the rising number of hacking incidents and security vulnerabilities in the crypto space, it is crucial for potential investors to conduct thorough research before investing in any crypto project. Key exploits and oracle manipulation are common hacking techniques, making due diligence essential.
The Background of Kronos Research
Kronos Research, established in 2018, is known for its consistent liquidity and alpha research program, which uses intelligent algorithms for trading optimization. The company was founded by Mark Pimentel and Jack Tan, with current leadership under CEO Hank Huang and COO Vincent Liu.
In a thread on X today November 19, cryptocurrency fintech firm Kronos Research confirmed the news of the hack: the attackers had somehow gained access to the company’s API keys and made off with a variety of crypto assets.
Hot Take: Enhancing Crypto Security Measures
The recent hack on Kronos Research serves as a reminder of the importance of implementing robust security measures in the crypto industry. With the increasing frequency of hacking incidents, it is crucial for companies and investors to prioritize security to safeguard against potential losses.
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