Kronos Research Offers Negotiation to Hacker
Taipei-based cryptocurrency firm Kronos Research is engaging in negotiations with the hacker responsible for stealing $25 million from its treasury. The company has offered the hacker a deal: return 90% of the stolen funds and the matter will be dropped. On-chain data confirms the theft and the composition of the stolen funds, primarily stablecoins.
Public Trend: Hackers and Victims Negotiating
This public negotiation between hackers and victims has become a recurring trend in the crypto space. Other cases include KyberSwap and Curve Finance, where bounties were offered to hackers for returning stolen funds. This year alone, decentralized finance protocols have suffered over $1.2 billion in thefts.
Increase in Hacks and Scams
Hacks and scams have been a significant issue in the crypto space, with 76 reported in Q3 2023, compared to 30 in the same period last year. In September, a record-high month for crypto exploits, approximately $332 million was lost to various attacks. Recent victims include Raft and Poloniex.
Warning About Fake Journalists Orchestrating Thefts
Security firm SlowMist issued a warning about a wave of crypto thefts orchestrated by fake journalists. The first instance was reported on October 14 when an attack targeted friend.tech for account theft.
Hot Take: Negotiating with Hackers Sets a Risky Precedent
Negotiating with hackers sets a risky precedent in the crypto industry. While it may lead to some recoveries, it also incentivizes future attacks. Companies must focus on improving security measures to prevent breaches and protect user funds.
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