{"id":32776,"date":"2023-11-19T19:53:01","date_gmt":"2023-11-19T23:53:01","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=32776"},"modified":"2023-11-19T19:53:01","modified_gmt":"2023-11-19T23:53:01","slug":"kronos-research-halts-operations-after-losing-26-million-in-security-breach","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/19\/kronos-research-halts-operations-after-losing-26-million-in-security-breach\/","title":{"rendered":"Kronos Research Halts Operations After Losing $26 Million In Security Breach"},"content":{"rendered":"

Kronos Research, a Taipei-based market maker, trading firm, and venture capital fund, witnessed the withdrawal of significant amounts of crypto assets due to a breach of its security system<\/a>.\u00a0<\/p>\n

Kronos Breach: Investigation Underway<\/strong><\/h2>\n

On Sunday, November 19, Kronos Research disclosed \u2013 via a post on X (formerly Twitter) \u2013 a security incident that involved unauthorized access to its API keys<\/a>. Consequently, the company lost a significant amount of crypto funds and has halted all trading operations in a bid to launch a full investigation into the incident.<\/p>\n

In the interest of transparencyAround 4 hours ago, we experienced unauthorized access of some of our API keys. We paused all trading while we conduct an investigation. Potential losses are not a significant portion of our equity and we aim to resume trading as soon as possible.<\/p>\n

\u2014 Kronos Research (@ResearchKronos) November 18, 2023<\/a><\/p>\n\n

A map of funds outflow by on-chain sleuth ZachXBT summed Kronos\u2019 losses to over $25 million in Ether. In a follow-up post on X<\/a>, the company also confirmed that the losses are about $26 million in crypto assets.<\/p>\n\n

In its initial announcement, Kronos revealed that the potential losses are not a significant portion of its equity. Meanwhile, the trading firm said in its latest update that all losses will be covered internally, and no partners will be affected.<\/p>\n

Although Kronos has yet to provide an update on its resumption process, the company did say that it aims to resume trading as soon as possible.<\/p>\n

This $26 million attack on Kronos Research represents the third most significant crypto theft<\/a> in November 2023. Before this latest incident, data from blockchain security firm Certik revealed that about $173 million had been lost to crypto attacks in November, with Poloniex\u2019s $113 million hack<\/a> being the most notable yet.<\/p>\n

How Did This Hack Affect WOO X?<\/strong><\/h2>\n

Interestingly, Kronos is not the only one affected by this security incident, as WOO X is another cryptocurrency entity that has had to pause its operations momentarily. WOO X is an exchange on which Kronos functions as the market maker for its spot and perpetual futures markets.<\/p>\n

In an address on the X platform<\/a>, WOO X acknowledged Kronos\u2019 security situation and\u00a0announced a temporary pause on all trading to protect users\u2019 positions from a lack of liquidity. The exchange, however, emphasized that all customer funds are safe.<\/p>\n

As of this writing, WOO X has resumed trading in both the spot and perpetual futures markets. Meanwhile, the exchange claims that clients can now make withdrawals for all assets.<\/p>\n

Nevertheless, the trading platform has faced some backlash from the online crypto community, with some people pointing to its unclear relationship<\/a> with Kronos.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Kronos Research, a Taipei-based market maker, trading firm, and venture capital fund, witnessed the withdrawal of significant amounts of crypto assets due to a breach of its security system<\/a>.\u00a0<\/p>\n

Kronos Breach: Investigation Underway<\/strong><\/h2>\n

On Sunday, November 19, Kronos Research disclosed \u2013 via a post on X (formerly Twitter) \u2013 a security incident that involved unauthorized access to its API keys<\/a>. Consequently, the company lost a significant amount of crypto funds and has halted all trading operations in a bid to launch a full investigation into the incident.<\/p>\n

In the interest of transparencyAround 4 hours ago, we experienced unauthorized access of some of our API keys. We paused all trading while we conduct an investigation. Potential losses are not a significant portion of our equity and we aim to resume trading as soon as possible.<\/p>\n

\u2014 Kronos Research (@ResearchKronos) November 18, 2023<\/a><\/p>\n

A map of funds outflow by on-chain sleuth ZachXBT summed Kronos\u2019 losses to over $25 million in Ether. In a follow-up post on X<\/a>, the company also confirmed that the losses are about $26 million in crypto assets.<\/p>\n

In its initial announcement, Kronos revealed that the potential losses are not a significant portion of its equity. Meanwhile, the trading firm said in its latest update that all losses will be covered internally, and no partners will be affected.<\/p>\n

Although Kronos has yet to provide an update on its resumption process, the company did say that it aims to resume trading as soon as possible.<\/p>\n

This $26 million attack on Kronos Research represents the third most significant crypto theft<\/a> in November 2023. Before this latest incident, data from blockchain security firm Certik revealed that about $173 million had been lost to crypto attacks in November, with Poloniex\u2019s $113 million hack<\/a> being the most notable yet.<\/p>\n

How Did This Hack Affect WOO X?<\/strong><\/h2>\n

Interestingly, Kronos is not the only one affected by this security incident, as WOO X is another cryptocurrency entity that has had to pause its operations momentarily. WOO X is an exchange on which Kronos functions as the market maker for its spot and perpetual futures markets.<\/p>\n

In an address on the X platform<\/a>, WOO X acknowledged Kronos\u2019 security situation and\u00a0announced a temporary pause on all trading to protect users\u2019 positions from a lack of liquidity. The exchange, however, emphasized that all customer funds are safe.<\/p>\n

As of this writing, WOO X has resumed trading in both the spot and perpetual futures markets. Meanwhile, the exchange claims that clients can now make withdrawals for all assets.<\/p>\n

Nevertheless, the trading platform has faced some backlash from the online crypto community, with some people pointing to its unclear relationship<\/a> with Kronos.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-32776","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=32776"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32776\/revisions"}],"predecessor-version":[{"id":32782,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32776\/revisions\/32782"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32776"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}