Taiwanese trading firm Kronos Research hacked; netted $25 million

Kronos Research, a Taipei-based trading, market-making, and venture capital organization, has been exposed to cyber theft. The hackers apparently illegally obtained its API keys. However, they did come out with the statement that it was a small segment of their total equity.

ZachXBT, an organization engaged in blockchain research, successfully traced rapid disbursements from a wallet in relation to this matter. Based on their specialized judgment, the amount that was illicitly obtained ought to exceed $25 million.

Currently, Kronos has implemented a provisional suspension of all trading operations. Consequently, this has had a substantial effect on Woo X, an exchange that Kronos has developed. Kronos leverages Woo X to establish itself as a leading market maker.

On its behalf, Woo X issued the statement that customer funds remain secure and that certain asset combinations have been temporarily blocked due to the loss of liquidity caused by Kronos ceasing operations. Conversely, spot and perpetual trading have resumed normal operations.

According to a statement issued by Kronos Research, the organization intends to commence trading operations in the coming days, provided that it deems the circumstances to be favorable.

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Kronos Research is a scientific and technologically oriented trading firm. The company has experienced rapid expansion, expanding from two members in 2018 to over eighty members at our headquarters in Taipei and office in Shanghai, with additional locations planned.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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