Kronos Research Acknowledges Security Breach
Taipei-based cryptocurrency 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 short-term suspension of trading activities on the Woo network, a major cryptocurrency trading platform.
On November 19, Kronos Research publicly disclosed the hack and halted trading operations to investigate the breach. Regardless of the whole lot of losses, the firm assured stakeholders of its stable standing and pledged to cover all losses without impacting partners.
Although while Kronos did not provide details about the hack, cryptocurrency investigator ZachXBT revealed a transfer of 12,800 Ethereum (ETH), valued at $25 Million, to five new addresses associated with the incident
Kronos expressed its commitment to restoring services for the cryptocurrency exchanges and token projects it supports, aiming for a swift recovery regardless of this being the first trading suspension since 2018.
Impact on Woo Network
The hack likewise influenced 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 short-term pause on specific asset pairs due to the liquidity gap from Kronos’s trading suspension.
Woo Network likewise faced a distributed denial-of-service (DDoS) attack on its homepage and is implementing measures to optimize CloudFlare to mitigate probable future disruptions. In the meantime, BeInCrypto’s data indicated a approximately 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 likewise the Woo Network, causing disruptions and affecting native token values. Although 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 influenced platforms.
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