Kronos Research, a prominent Taipei-based trading and venture capital firm, experiences a $25 million loss due to an unauthorized API key breach. The incident raises concerns about crypto trading security.
Kronos Research, a major player in Taipei’s financial landscape, reported a security breach involving unauthorized access to its API keys, resulting in a significant loss of 13,007 ETH, equivalent to $25 million. The company downplays the impact on its equity but temporarily halts all trading activities, affecting Woo X, an affiliated exchange.
Despite Woo X’s assurance of fund safety, certain asset pairs face a pause due to liquidity issues stemming from Kronos’s trading suspension.
While spot and perpetual trading, along with withdrawals, have resumed, the breach sheds light on the vulnerability of cryptocurrency trading firms. Kronos Research, renowned for its crypto involvement, now grapples with substantial financial repercussions, emphasizing the persistent challenges in securing digital assets within the crypto trading industry.