Hacked trading business Kronos Research from Taiwan steals $25 million

The Taipei-based trading business, market maker, and venture capital fund Kronos Research said in an X post that an attacker had obtained access to Kronos’s API credentials, resulting in a hack.

In a post on X, the Taipei-based trading, market-making, and venture capital business Kronos Research said that on Saturday, its API keys were accessed without authorization. The company described the possible losses as “not a small amount of our equity.”

In response to Kronos’s article, blockchain expert ZachXBT traced the quick withdrawal of $25 million worth of ether from a wallet, suggesting that the theft of $25 million is probable.

Woo X, the exchange Kronos incubated and where Kronos is a prominent market maker, had issues when Kronos halted all trading in the aftermath of the tragedy. Woo X issued a statement reassuring clients that their assets are secure before declaring a temporary halt on some asset pairings caused by the decreased liquidity caused by Kronos’s suspension. Withdrawals and spot and perpetual trading are back in full swing now.

Kronos did not immediately react to a response request from The Block, although the company did state in its article that it intends to restart trading as soon as possible.

Also Read: Former President Of The European Central Bank Suggests That Europe Form Its Own Securities Market