Kronos Research halts trading amid $25M API key hack investigation

Blockchain investigator ZachXBT acted on the announcement and discovered approximately $25 million in overall was siphoned away into six distinct crypto wallet addresses. According to the investigation, the six deals– worth 2,780 Ether (ETH), 2,540 ETH, 2,540 ETH, 2,636 ETH, 4.93 ETH and 2,507.52 ETH, respectively– were made from a Kronos Research account to various addresses owned by the hacker.Kronos Research hacker sends stolen $25 million to different addresses. Source: EtherscanWhile Kronos Research is indefinitely halting the trading services up until internal investigations find the culprit who stole over 12,800 ETH, the company anticipates a positive outcome:” Potential losses are not a considerable portion of our equity and we intend to resume trading as soon as possible.” Kronos Research did not instantly react to Cointelegraphs ask for comment.Related: Atomic Wallet asks to toss suit over $100M hack stating it has no United States ties The rising variety of crypto hacks warrants that financiers perform substantial research study on tasks they mean to invest in.Blockchain security firm CertiK recently exposed Q3 2023 as the most “damaging” quarter for crypto.Incident counts and amount lost in Web3 security events in Q3 2023. Source: CertiKPrivate essential exploits, exit scams and oracle adjustment were the most widespread strategies utilized for hacking crypto ecosystems. Over $700 million in digital properties was lost to different security incidents in Q3 2023, exceeding first-quarter losses of $320 million and second-quarter losses of $313 million.Magazine: Breaking into Liberland: Dodging guards with diplomats, inner-tubes and decoys

A hacker won $25 million from quantitative trading company Kronos Research after accessing its jeopardized API keys.On Nov. 19, Kronos Research revealed that an unapproved entity accessed some of its API keys. Consequently, the company stopped its trading services on the platform. No losses were reported at the time.In the interest of transparencyAround 4 hours ago, we experienced unauthorized access of some of our API secrets. We stopped briefly all trading while we perform an examination. Possible losses are not a significant part of our equity and we aim to resume trading as soon as possible.– Kronos Research (@ResearchKronos) November 18, 2023

Other Questions People Ask

What led to Kronos Research halting trading amid the $25M API key hack investigation?

Kronos Research halted trading after discovering unauthorized access to its API keys, which allowed a hacker to siphon approximately $25 million in digital assets. The company announced this incident on November 19, 2023, and immediately paused all trading activities to conduct an internal investigation. They reported that the potential losses were not significant relative to their overall equity, indicating a commitment to resume trading as soon as possible.

How much was stolen in the Kronos Research API key hack investigation?

The investigation into the Kronos Research API key hack revealed that approximately $25 million was stolen, primarily in the form of Ethereum (ETH). The hacker transferred over 12,800 ETH into six different wallet addresses, with individual transactions ranging from 2,507.52 ETH to 4.93 ETH. This significant loss highlights the vulnerabilities in crypto trading platforms and the importance of robust security measures.

What steps is Kronos Research taking following the $25M hack?

In response to the $25 million hack, Kronos Research has temporarily halted all trading services while they conduct a thorough investigation to identify the hacker. The company has expressed confidence that the potential losses are manageable and plans to resume trading as soon as they can ensure the security of their platform. They have not yet provided specific details on how they will enhance their security protocols post-investigation.

What does the Kronos Research hack reveal about crypto security trends?

The $25 million hack of Kronos Research underscores a troubling trend in the cryptocurrency space, where hacks and security breaches are becoming increasingly common. According to blockchain security firm CertiK, Q3 2023 was particularly damaging, with over $700 million lost to various security incidents. This incident serves as a reminder for investors to conduct thorough research and due diligence before engaging with crypto projects.

What was the initial response from Kronos Research regarding the API key breach?

Upon discovering the unauthorized access to its API keys, Kronos Research promptly communicated the incident to its users and halted trading services. They emphasized transparency by informing stakeholders that they were investigating the breach and assessing potential losses. Their initial statement reassured users that any losses incurred were not substantial relative to their equity, aiming to maintain trust during this challenging situation.