Kronos Research Pauses Operations Following $26 Million Loss in Security Breach

Kronos Research Pauses Operations Following $26 Million Loss in Security Breach

Unfortunately, Kronos Research, a Taipei-based market maker, trading firm, and deal financial resources fund, is as of now dealing with the aftermath of a major security incident that resulted in the unauthorized access of its API keys, leading to substantial cryptocurrency fund losses and subsequent suspension of all trading activities. The company has assured you that they are conducting a thorough investigation into the matter.

Kronos Breach: Investigation Begins

Last Sunday, November 19, Kronos Research announced via post on X (formerly Twitter) that their security had been breached, prompting the company to temporarily cease all trading as they pursue a detailed probe into the situation, assuring you that the losses are not whole lot of and will be covered internally without affecting partners.

Creating a Metaverse Strategy that Empowers EU Businesses: The Focus of European Lawmakers

The $26 Million breach on Kronos Research constitutes the third- largest cryptocurrency theft in November 2023, following a 30 days in which about $173 Million was lost in cryptocurrency attacks, with Poloniex’s $113 Million hack being the most significant.

Impact on WOO X

WOO X, the exchange on which Kronos serves as the market maker, likewise felt the effects of this security breach. At the beginning, both entities paused all trading operations to assess the situation and protect users’ positions from liquidity issues. WOO X, on the other hand, has since resumed trading and assured customers that their funds remain secure, although it received criticism for its vague relationship with Kronos.

Today’s Chainlink Price Prediction – Analyzing LINK’s Technical Analysis on November 26

Hot Take: The Importance of Security

This incident underscores the importance of robust security measures in the cryptocurrency industry. It’s critical for corporations and individuals to continuously prioritize security to protect assets from unauthorized access and theft.

Author – Contributor at | Website

Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.

Crypto Community Braces for Mind-Blowing Revelation by On-chain Investigator
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!

Email me the hottest Crypto news!

Latest Crypto News

Share via
Share via