Hacker Nets $25 Million from Kronos Research in API Key Breach

In a startling revelation, quantitative trading firm Kronos Research disclosed that a hacker managed to abscond with $25 million after gaining unauthorized access to its compromised API keys. The breach prompted Kronos Research to halt its trading services on the platform as an immediate response.

The incident came to light on Nov. 19 when Kronos Research acknowledged the breach and subsequently suspended its trading activities. At the time of the announcement, the firm reported no losses. However, further investigation by blockchain expert ZachXBT uncovered that approximately $25 million had been funneled into six distinct crypto wallet addresses.

The six transactions, totaling 12,800 ETH, were detailed as follows: 2,780 ETH, 2,540 ETH, 2,540 ETH, 2,636 ETH, 4.93 ETH, and 2,507.52 ETH. These transfers originated from a Kronos Research account and landed in various addresses controlled by the hacker.

While Kronos Research temporarily ceases trading services to conduct internal investigations and track down the perpetrator, the firm expresses optimism about the situation. Despite the substantial loss, Kronos Research assured stakeholders that the potential losses do not constitute a significant portion of their equity. The company aims to resume trading at the earliest opportunity.

Cointelegraph reached out to Kronos Research for further comment, but as of now, there has been no immediate response from the trading firm. The incident underscores the persistent challenges and vulnerabilities faced by financial institutions in the rapidly evolving landscape of digital assets and trading platforms.

Subscribe

Related articles

Game On: Yuga Labs Unleashes Project Dragon

Yuga Labs, the powerhouse behind the renowned Bored Ape...

Boutique Hotel Bliss: SLH Teams Up with The MRS Group

Small Luxury Hotels of the World (SLH) has announced...

AI Goes Crypto: Grayscale Unveils New Fund

Grayscale Investments®, the world’s largest crypto asset manager, has...

Kraken’s New Custody Move: UK and Australia Join the Fold

Kraken, a major player in the cryptocurrency world, has...

Trump’s Crypto Curveball: Bitcoin Reserves?

Donald Trump, never one to shy away from making...
Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

LEAVE A REPLY

Please enter your comment!
Please enter your name here