Taipei-based crypto buying and selling agency Kronos Research acknowledged a security breach leading to a $26 million hack from unauthorized entry to its API keys.
This incident briefly suspended buying and selling actions on the Woo community, a major crypto trading platform.
Kronos Research Acknowledges Hack
On November 19, Kronos Research publicly disclosed the hack. After confirming the safety lapse, the agency halted all buying and selling operations to handle the breach, emphasizing that an investigation is underway.
Kronos Research assured stakeholders of its secure standing regardless of the numerous losses. It additionally pledged to cowl all losses with out impression on companions.
“At present, we can confirm that the losses are about $26 million in crypto assets, and despite it being a sizable amount, Kronos remains in good standing. All losses will be covered internally, no partners will be affected,” Kronos said.
Though Kronos didn’t delve into specifics concerning the hack, crypto investigator ZachXBT revealed a switch of 12,800 ETH, valued at $25 million, to 5 new addresses related to the incident.
Read extra: Who Is ZachXBT, the Crypto Sleuth Exposing Scams?
Kronos expressed its dedication to restoring providers for the crypto exchanges and token tasks it helps. It added that this marked its first buying and selling suspension since 2018 and goals for a swift restoration.
Woo Network Disrupted by Kronos Hack
The aftermath affected Woo Network, a buying and selling platform closely reliant on Kronos Research as its main liquidity supplier.
In a statement, Woo X reassured customers of the security of consumer funds and introduced a short lived pause on particular asset pairs as a result of liquidity hole ensuing from Kronos’s buying and selling suspension. The platform has resumed spot and perpetual buying and selling actions and asset withdrawals as of press time.
Woo Network moreover confronted a distributed denial-of-service (DDoS) assault on its homepage. The community is implementing measures to optimize CloudFlare to mitigate potential future disruptions. Users encountering points had been suggested to submit tickets on the platform’s web site for decision.
One Woo X person pointed out that withdrawals had been being processed slower than ordinary because of intensified safety checks.
BeInCrypto’s knowledge indicated a roughly 6% decline within the alternate’s native WOO token worth inside the final day to $0.235. Meanwhile, the hack stays beneath investigation, with Kronos Research and Woo Network working diligently to revive full operational stability whereas guaranteeing person security and asset safety.
Disclaimer
In adherence to the Trust Project tips, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to supply correct, well timed data. However, readers are suggested to confirm info independently and seek the advice of with knowledgeable earlier than making any choices primarily based on this content material.
