Kronos Research Acknowledges Security Breach
Taipei-based crypto trading firm Kronos Research admitted to a security breach that led to a $26 million hack due to unauthorized access to its API keys. The incident caused a temporary suspension of trading activities on the Woo network, a major crypto trading platform.
On November 19, Kronos Research publicly disclosed the hack and halted trading operations to investigate the breach. Despite the significant losses, the firm assured stakeholders of its stable standing and pledged to cover all losses without impacting partners.
While Kronos did not provide details about the hack, crypto investigator ZachXBT revealed a transfer of 12,800 ETH, valued at $25 million, to five new addresses associated with the incident
Kronos expressed its commitment to restoring services for the crypto exchanges and token projects it supports, aiming for a swift recovery despite this being the first trading suspension since 2018.
Impact on Woo Network
The hack also affected Woo Network, heavily reliant on Kronos Research as its primary liquidity provider. Woo X reassured users of the safety of client funds and announced a temporary pause on specific asset pairs due to the liquidity gap from Kronos’s trading suspension.
Woo Network also faced a distributed denial-of-service (DDoS) attack on its homepage and is implementing measures to optimize CloudFlare to mitigate potential future disruptions. Meanwhile, BeInCrypto’s data indicated a roughly 6% decline in the exchange’s native WOO token value within the last day to $0.235. Both Kronos Research and Woo Network are working diligently to restore full operational stability while ensuring user safety and asset protection.
Hot Take: Fallout from Kronos Research Hack
The security breach at Kronos Research impacted not only the firm itself but also the Woo Network, causing disruptions and affecting native token values. While the investigation into the hack is ongoing, efforts to restore operational stability are underway to protect user safety and restore investor confidence in the affected platforms.
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