WOO X Crypto Exchange Reopens Trading with Enhanced Security After Market Maker Breach
Crypto trading platform WOO X has resumed operations after one of its market markers saw a significant amount of crypto assets withdrawn due to a breach of its security system.
“It is business as usual for WOO X, as WOO reassures users that all client assets remain secure despite the temporary trading suspension,” the platform said in a Sunday announcement .
The exchange added that Kronos Research, a Taipei-based market maker, has experienced a security breach.
“The temporary halt in trading was enacted as an extra layer of security causing trading to pause briefly. Other market makers are operating normally on WOO X.”
In a Sunday post on X (formerly Twitter), Kronos Research confirmed that it “experienced unauthorized access” to some of its API keys.
Blockchain investigator ZachXBT followed up on the announcement and found roughly $25 million in total was siphoned away into six unique crypto wallet addresses.
According to the investigation, the six transactions were worth 2,780 Ether, 2,540 ETH, 2,540 ETH, 2,636 ETH, 4.93 ETH, and 2,507.52 ETH, respectively.
Looks possibly like $20.3M+ (12800+ ETH)
0x2b0502FDab4e221dcD492c058255D2073d50A3ae pic.twitter.com/sLnFA0VXhk
— ZachXBT (@zachxbt) November 18, 2023
Kronos paused all trading following the event, but claimed that the loss is not a significant portion of their equity.
“Potential losses are not a significant portion of our equity and we aim to resume trading as soon as possible.”
Last month, WOO X successfully recouped shares and tokens acquired by the failed hedge fund Three Arrows Capital (3AC).
3AC was apparently the largest investor in WOO X’s Series A funding round raised back in November 2021.
WOO X has also agreed to cancel the shares of the
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