Crypto trading company Kronos Research confirmed the hack of $26 million

Taipei-based crypto trading firm Kronos Research has admitted to a security breach in which $26 million was hacked by unauthorized access to its API keys.

This incident temporarily suspended trading activities on the Woo Network, a prominent crypto trading platform.

Kronos Research acknowledged the hack

In the year On November 19, Kronos Research publicly announced the hack. After confirming the security breach, the company has suspended all business operations to address the breach and emphasized that an investigation is underway.

Kronos Research has proven its stable position to stakeholders despite the heavy losses. He promised to cover all the losses without any influence on the partners.

“Currently, we can confirm that the loss is about 26 million dollars in crypto assets, and despite the large amount, Kronos is in a good position. All losses will be covered internally, no partners will be harmed,” Kronos said.

Although Kronos did not provide details about the hack, crypto investigator ZachXBT revealed that 12,800 ETH worth $25 million was transferred to five new addresses linked to the incident.

Read More: Who Is ZachXBT, The Crypto Sleuth Scam Exposer?

Kronos has expressed its commitment to restoring services to the crypto exchanges and token projects it supports. It added that this was the first suspension of trading since 2018 and aimed at a quick recovery.

Woo Network Hacked by Kronos Hack.

The result affected the trading platform, which is heavily dependent on Woo Network as its main liquidity provider at Kronos Research.

In the statement, Woo X assured users of the safety of client funds and announced a temporary freeze on certain asset pairs due to the liquidity gap caused by the Kronos trading ban. The platform continues to feature spatial and temporal marketing activities and asset releases at the time of going to press.

Woo Network also faced a distributed denial of service (DDoS) attack on its homepage. The network is implementing measures to optimize CloudFlare to prevent future disruptions. Users experiencing issues are advised to submit tickets on the platform's website.

One Woo X user reported that withdrawals were taking place slower than usual due to the enhanced security checks.

BeInCrypto data showed a 6% drop in the exchange's native WOO token price to $0.235 in the last day. Meanwhile, while the hack is under investigation, Kronos Research and Woo Networks are working diligently to restore full operational stability while ensuring user safety and asset protection.