Taipei-based crypto trading firm Kronos Research acknowledged a security breach resulting in a $26 million hack from unauthorized access to its API keys.

This incident temporarily suspended trading activities on the Woo network, a significant crypto trading platform.

Kronos Research Acknowledges Hack

On November 19, Kronos Research publicly disclosed the hack. After confirming the security lapse, the firm halted all trading operations to address the breach, emphasizing that an investigation is underway.

Kronos Research assured stakeholders of its stable standing despite the significant losses. It also pledged to cover all losses without impact on partners.

“At present, we can confirm that the losses are about $26 million in crypto assets, and despite it being a sizable amount, Kronos remains in good standing. All losses will be covered internally, no partners will be affected,” Kronos said.

Though Kronos did not delve into specifics regarding the hack, crypto investigator ZachXBT revealed a transfer of 12,800 ETH, valued at $25 million, to five new addresses asso

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Author: Oluwapelumi Adejumo

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