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- 1 Kronos Research lost $26 Million Ether in a crypto hack on November 19, 2023.
- 2 The company figured out the breach following the ‘X’ post of ZachXBT.
- 3 Kronos uses the WOO platform and functions as the market maker for the spot and perpetual market.
Kronos Research, a trading firm based in Taiwan, mirrored a data breach resulting in a $26 million loss in crypto assets. The hack was first noticed by ZachXBT which also figured out the outflow and the destination account.
ZachXBT’s post on ‘X’ about the event dragged the attention of the ecosystem and they noticed that there was an unauthorized access to hundreds of API keys. The available details state that the tokens wiped out in the hack were Ether (ETH).
The unprecedented data breach and loss of crypto assets forced the ecosystem to halt all its trading operations and launch a fully planned depth investigation. The company officials note that it is the first since 2018, when they are forced to halt trading.
Currently, the company and its officials are working closely with experts and law enforcement to resolve the issue and resume services as early as possible. The company assured its consumers that the financial condition is fine, all losses will be covered internally, and no partner will be affected.
Before this data breach and hack Poloniex was the most taught hack in the crypto industry in the last quarter of 2023.
Were Others Affected By the Kronos Data Breach?
Kronos uses the WOO platform and functions as the market maker specifically for the spot and perpetual futures market. Following the Kronos data breach, WOO halted all its operations to avoid any losses.
After an hour it resumed its operation for spot and perpetual trading activities and asset withdrawal. In the past few quarters, crypto hacks have significantly surged and hundreds of crypto firms have lost billions in data breaches.
A ‘X’ user quoted in his post questioning that it is this Kronos and WOO hack incident similar to FTX and Alameda connections. The user’s post quotes that “Kronos founded WOO”, “ Woo displays Kronos assets as proof of funds/liabilities,” “Kronos says WOO got hacked, Woo says Kronos got hacked”.
The unethical hacker community has troubled the entire crypto industry and is still troubling resulting in losses of billions of dollars from the crypto market. Many crypto and blockchain analysis firms revealed that a significant surge in crypto hacks has been seen in Q3 2023.
Over $701 Million of crypto assets has been wiped out from the market in the past quarter and from the fear of bankruptcy, some companies opted to change their crypto product category.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
