Taipei-based cryptocurrency trading firm Kronos Research has admitted that a security breach resulted in a $26 million hack. Protects against unauthorized access to API keys.
The incident temporarily halted trading activity on Woo Network, a major cryptocurrency trading platform.
Kronos Research Acknowledges Hacking
On November 19, Kronos Research disclosed the hack. After confirming the security lapse, the company suspended all trading operations to address the breach, emphasizing that an investigation is ongoing.
Kronos Research ensured a stable position for its stakeholders despite significant losses. They also promised to compensate all losses without affecting their partners.
“The current loss amounts to approximately $26 million in cryptocurrency assets, and although it is a significant amount, we can confirm that Kronos remains in good shape. All losses are compensated internally and do not affect partners.”Kronos said.
Kronos did not investigate specifics related to the hack, but cryptocurrency investigator ZachXBT revealed that 12,800 ETH, worth $25 million, was transferred to five new addresses linked to the incident.
Read more: Who is ZachXBT, the Crypto Sleuth Exposing the Scam?
Khronos has expressed its intention to restore services to the cryptocurrency exchanges and token projects it supports. He added that this trading suspension was the first since 2018 and that the company was aiming for a quick recovery.
Woo Network was taken down due to Kronos Hack.
The fallout affected Woo Network, a trading platform that relies heavily on its main liquidity provider, Kronos Research.
in name, Woo The platform has resumed spot and perpetual trading activities and asset withdrawals as of press time.
Woo Network also suffered a DDoS (distributed denial of service) attack on its website. The network is implementing measures to optimize CloudFlare to mitigate potential future outages. Users experiencing the issue were advised to submit a ticket on the platform’s website for resolution.
Woo pointed out Due to enhanced security checks, withdrawal processing was taking place more slowly than usual.
According to data from BeInCrypto, the value of the exchange’s native WOO token has fallen about 6% to $0.235 in the past day. Meanwhile, the investigation into the hack continues as Kronos Research and Woo Network work diligently to restore full operational stability while ensuring user safety and asset protection.
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