Security

Kronos Research, a Taipei-based market maker, trading firm, and venture capital fund, witnessed the withdrawal of significant amounts of crypto assets due to a <a href="https://www.newsbtc.com/crypto/crypto-exchange-hackers-159000/" target="_blank" rel="noopener ">breach of its security system</a>.&nbsp; 
<h2 id="strong-kronos-breach-investigation-underway-strong">Kronos Breach: Investigation Underway</h2> 
On Sunday, November 19, Kronos Research disclosed – via a post on X (formerly Twitter) – a security incident that involved <a href="https://www.newsbtc.com/news/5-million-reward-justin-suns-bold-move-against-poloniex-attackers/" target="_blank" rel="noopener ">unauthorized access to its API keys</a>. Consequently, the company lost a significant amount of crypto funds and has halted all trading operations in a bid to launch a full investigation into the incident. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 In the interest of transparencyAround 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 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f7e0.png" alt="🟠" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@ResearchKronos) <a href="https://twitter.com/ResearchKronos/status/1726013733888041376?ref_src=twsrc%5Etfw" rel="nofollow">November 18, 2023</a>
</blockquote> 
A map of funds outflow by on-chain sleuth ZachXBT summed Kronos’ losses to over $25 million in Ether. In a <a href="https://x.com/ResearchKronos/status/1726203102842466650?s=20" target="_blank" rel="noopener nofollow">follow-up post on X</a>, the company also confirmed that the losses are about $26 million in crypto assets. 
<img loading="lazy" decoding="async" class="aligncenter wp-image-561425 size-large" src="https://www.newsbtc.com/wp-content/uploads/2023/11/F_QJtI1XwAAxwoQ.jpeg?w=827&amp;resize=827%2C860" alt="Kronos" width="827" height="860" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/F_QJtI1XwAAxwoQ.jpeg?w=963 963w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_QJtI1XwAAxwoQ.jpeg?w=443 443w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_QJtI1XwAAxwoQ.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_QJtI1XwAAxwoQ.jpeg?w=827&amp;resize=827%2C860 827w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_QJtI1XwAAxwoQ.jpeg?w=750 750w" sizes="(max-width: 827px) 100vw, 827px" data-recalc-dims="1"> 
In its initial announcement, Kronos revealed that the potential losses are not a significant portion of its equity. Meanwhile, the trading firm said in its latest update that all losses will be covered internally, and no partners will be affected. 
Although Kronos has yet to provide an update on its resumption process, the company did say that it aims to resume trading as soon as possible. 
This $26 million attack on Kronos Research represents the third most significant <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-crypto-exchange-coinex-reportedly-hit-by-massive-hack-losses-exceed-27-million/" target="_blank" rel="noopener ">crypto theft</a> in November 2023. Before this latest incident, data from blockchain security firm Certik revealed that about $173 million had been lost to crypto attacks in November, with <a href="https://www.newsbtc.com/news/5-million-reward-justin-suns-bold-move-against-poloniex-attackers/">Poloniex’s $113 million hack</a> being the most notable yet. 
<h2 id="strong-how-did-this-hack-affect-woo-x-strong">How Did This Hack Affect WOO X?</h2> 
Interestingly, Kronos is not the only one affected by this security incident, as WOO X is another cryptocurrency entity that has had to pause its operations momentarily. WOO X is an exchange on which Kronos functions as the market maker for its spot and perpetual futures markets. 
In <a href="https://x.com/_WOO_X/status/1726016400894898232?s=20" target="_blank" rel="noopener nofollow">an address on the X platform</a>, WOO X acknowledged Kronos’ security situation and&nbsp;announced a temporary pause on all trading to protect users’ positions from a lack of liquidity. The exchange, however, emphasized that all customer funds are safe. 
As of this writing, WOO X has resumed trading in both the spot and perpetual futures markets. Meanwhile, the exchange claims that clients can now make withdrawals for all assets. 
Nevertheless, the trading platform has faced some backlash from the online crypto community, with <a href="https://x.com/GrindingPoet/status/1726174015121989848?s=20" target="_blank" rel="noopener nofollow">some people pointing to its unclear relationship</a> with Kronos. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/UYIuetwD/" alt="Kronos" width="2174" height="1442">

Kronos Research Halts Operations After Losing $26 Million In Security Breach

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