{"id":86511,"date":"2023-11-20T04:38:36","date_gmt":"2023-11-20T09:38:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/taiwanese-crypto-trading-firm-suspends-operations-following-26-million-hack\/"},"modified":"2023-11-20T04:38:37","modified_gmt":"2023-11-20T09:38:37","slug":"taiwanese-crypto-trading-firm-suspends-operations-following-26-million-hack","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=86511","title":{"rendered":"Taiwanese Crypto Trading Firm Suspends Operations Following $26 Million Hack"},"content":{"rendered":"<div>\n<figure id=\"attachment_133402\" aria-describedby=\"caption-attachment-133402\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-133402\" class=\"wp-caption-text\">Source: Pixabay \/ Pete Linforth<\/figcaption><\/figure>\n<p>Taipei-based trading platform, Kronos Research has suffered a cybersecurity breach, leading to a staggering $26 million loss in crypto assets.<\/p>\n<p>The hack was first reported by crypto on-chain sleuth ZachXBT, mapping out the fund outflow and confirming its magnitude.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Looks possibly like $20.3M+ (12800+ ETH)<\/p>\n<p>0x2b0502FDab4e221dcD492c058255D2073d50A3ae <a rel=\"nofollow\" href=\"https:\/\/t.co\/sLnFA0VXhk\">pic.twitter.com\/sLnFA0VXhk<\/a><\/p>\n<p>\u2014 ZachXBT (@zachxbt) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/zachxbt\/status\/1726015231023796233?ref_src=twsrc%5Etfw\">November 18, 2023<\/a><\/p>\n<\/blockquote>\n<p>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).<\/p>\n<p>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.<\/p>\n<blockquote>\n<p>\u2018\u2019We 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.\u201d<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">In the interest of transparency<br \/>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.<\/p>\n<p>\u2014 Kronos Research \ud83d\udfe0 (@ResearchKronos) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/ResearchKronos\/status\/1726013733888041376?ref_src=twsrc%5Etfw\">November 18, 2023<\/a><\/p>\n<\/blockquote>\n<p>The platform assured users that Kronos remains in good standing despite losses. \u201cAll losses will be covered internally, no partners will be affected,\u201d it <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/ResearchKronos\/status\/1726203104801042583\">added<\/a>.<\/p>\n<p>The breach follows the recent notable attack faced by the crypto exchange platform Poloniex, resulting in losses over $100 million.<\/p>\n<p>Crypto exchange WOO X felt the repercussions of this breach, pausing its operations temporarily. This is because Kronos uses the WOO platform and functions as the market maker for spot and perpetual futures market.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Status update<br \/>\u2013 First and foremost, all client assets are safe<br \/>\u2013 TLDR our largest liquidity provider Kronos Research recently experienced a hack that caused them to pause all trading on WOO X<br \/>\u2013 Since Kronos Research is the primary liquidity provider for spot markets and around\u2026 https:\/\/t.co\/sDR8QHvmZC<\/p>\n<p>\u2014 WOO X (@_WOO_X) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/_WOO_X\/status\/1726016400894898232?ref_src=twsrc%5Etfw\">November 18, 2023<\/a><\/p>\n<\/blockquote>\n<p>However, in an hour, WOO resumed spot and perpetual trading activities and asset withdrawals. The exchange also flagged a distributed denial-of-service (DDoS) attack on its website on the same day.<\/p>\n<p>\u201cWe are taking steps with adjusting CloudFlare to mitigate future outages. Trading currently remains operational, all users funds are safe and withdrawals remain open,\u201d it said.<\/p>\n<p>The online crypto community criticized the attacks, raising questions on the relationship between both firms. One user compared the unclear connection of Kronos and WOO to that of FTX and Alameda Research.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">so if i am getting this correctly<\/p>\n<p>Kronos founded Woo<\/p>\n<p>Woo displays kronos assets as proof of funds\/liabilities<\/p>\n<p>Kronos says Woo got hacked, woo says kronos got hacked<\/p>\n<p>why is it smelling like Alameda FTX to me now?<\/p>\n<p>\u2014 Grinding Poet (@GrindingPoet) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/GrindingPoet\/status\/1726174015121989848?ref_src=twsrc%5Etfw\">November 19, 2023<\/a><\/p>\n<\/blockquote>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/taiwanese-crypto-trading-firm-suspends-operations-following-26-million-hack.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay \/ Pete Linforth 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 \u2014 ZachXBT (@zachxbt) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":86512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-86511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Taiwanese Crypto Trading Firm Suspends Operations Following $26 Million Hack | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pixabay \/ Pete Linforth Taipei-based trading platform, Kronos Research has suffered a cybersecurity breach, leading to a staggering $26 million\" \/>\n<meta name=\"robots\" content=\"index, follow, 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