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Home ยป Kronos Research of Taiwan Confirms $26 Million Crypto Breach and Halts Trading Activities

Kronos Research of Taiwan Confirms $26 Million Crypto Breach and Halts Trading Activities

More than 12,000 Ethereum (ETH) units were among the stolen assets, according to on-chain investigator ZachXBT.

by V. Sinclair
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The Taiwan-based cryptocurrency trading company Kronos Research has disclosed a security breech that allowed unauthorized access to its API keys, leading to a $26 million hack.

Due to this incident, trading on the popular cryptocurrency trading platform Woo network was momentarily halted.

Researcher Kronos Recognizes Hack
Kronos Research made the hack public on November 19. The company confirmed the security lapse and immediately stopped all trading in order to address the breach, stating that an investigation is being conducted.

Despite the large losses, Kronos Research reassured stakeholders of its solid standing. It also promised to pay out all losses with no negative effects on partners.

“At this time, we can confirm that the losses amount to roughly $26 million in cryptocurrency assets. Despite this substantial sum, Kronos maintains its positive standing. No partners will be impacted; all losses will be internally covered, according to Kronos.

Kronos Research Hack

Crypto investigator ZachXBT disclosed a transfer of 12,800 ETH, valued at $25 million, to five new addresses connected to the incident, despite Kronos not going into details about the hack.

Kronos pledged to bring back services for the token projects and cryptocurrency exchanges that it backs. It stated that it was experiencing its first trading halt since 2018 and that it was hoping for a speedy recovery.

Kronos Hack Disrupts Woo Network
Woo Network, a trading platform that primarily relies on Kronos Research as its liquidity provider, was impacted by the aftermath.

Woo X issued a statement assuring users that client funds are secure and announcing a temporary halt on particular asset pairs because of the liquidity gap brought on by Kronos’s trading suspension. As of the time of publication, the platform had resumed asset withdrawals as well as spot and perpetual trading.

Additionally, Woo Network’s homepage was subject to a distributed denial-of-service (DDoS) attack. In order to minimize possible future disruptions, the network is putting CloudFlare optimization measures into place. It was suggested that users who were having problems file tickets on the platform’s website so that they could be fixed.

A Woo X user noticed that withdrawals were being handled more slowly than normal.

WOO Price performance

According to CoinBrit data, the native WOO token value on the exchange dropped to $0.235 in the last day, a decrease of about 6%. Kronos Research and Woo Network are working hard to restore complete operational stability while guaranteeing user safety and asset protection while the hack is still being investigated.

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