Hacker Steals $25 Million from Kronos Research Through Compromised API Keys
Trading firm Kronos Research fell victim to a hack, resulting in a theft of $25 million by an unauthorized entity that accessed its compromised API keys.
On November 19, Kronos Research disclosed via a post on X (formerly Twitter) about a security incident that involved unauthorized access to its API keys. This attack consequently led Kronos to halt its trading services on the platform promptly.
Kronos Research is currently conducting internal investigations to identify the perpetrator and recover the stolen assets. The trading services on the platform remain suspended indefinitely until the investigations are complete. The firm expresses confidence in a positive outcome from its efforts.
Even with the incident, Kronos Research declared that the amount stolen wasn’t a significant part of the company’s assets, and they are committed to getting back to normal operations as quickly as possible.
Looks possibly like $20.3M+ (12800+ ETH)
0x2b0502FDab4e221dcD492c058255D2073d50A3ae pic.twitter.com/sLnFA0VXhk
— ZachXBT (@zachxbt) November 18, 2023
However, blockchain investigator ZachXBT estimates suggest that the total damage incurred by Kronos Research could be around $25 million (12,800 ETH). ZachXBT uncovered the details of the hack, revealing that the stolen funds were transferred to six different crypto wallet addresses. The hacker made multiple transactions to various addresses owned by them.
Woo X, an exchange closely affiliated with Kronos Research, recently faced disruptions stemming from a security incident involving Kronos. As a significant market maker for Woo X, contributing up to 40% of the total spot and futures trading liquidity on the platform, Kronos’s security issue led to a temporary suspension of certain asset
