Taiwanese Crypto Trading Firm Suspends Operations Following $26 Million Hack
Taipei-based trading platform, Kronos Research has suffered a cybersecurity breach, leading to a staggering $26 million loss in crypto assets.
The hack was first reported by crypto on-chain sleuth ZachXBT, mapping out the fund outflow and confirming its magnitude.
Looks possibly like $20.3M+ (12800+ ETH)
0x2b0502FDab4e221dcD492c058255D2073d50A3ae pic.twitter.com/sLnFA0VXhk
— ZachXBT (@zachxbt) November 18, 2023
Following the ZachXBT post, the platform acknowledged on Sunday that there was unauthorized access to some of its API keys. The security breach has apparently led to a loss of over $26 million worth of Ether (ETH).
The incident has forced Kronos to halt all trading operations and launch a full-scale investigation. The company also noted that this is the first trading suspension since 2018 and aims to recover the loses quickly.
‘’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.”
In the interest of transparency
Around 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.
— Kronos Research
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