Quantitative trading firm Kronos Research halts services after hacker steals $25 million using compromised API keys.
Quantitative trading firm Kronos Research has halted all trading services following the theft of over $25 million by an unauthorized entity.
The firm disclosed on November 19th that some of its API keys had been compromised, leading it to suspend trading on the platform as a precautionary measure.
Lookonchain subsequently discovered that the exchange lost about $25.65M, including 24.57M $USDT, 488.7 $ETH($959K), and 125,056 $USDC.
While the breach represents a significant theft of funds, Kronos Research stated that potential losses are not a substantial portion of the company's equity. The firm aims to resume trading soon, pending the results of an internal investigation into the hack.