A hacker stole $25 million from quantitative trading firm Kronos Research after accessing the company’s compromised API keys.
November 19, Kronos Research disclose An unauthorized entity gained access to some of its API keys. Subsequently, the company stopped trading services on the platform. However, no damage was reported at the time.
in the interest of transparency
About 4 hours ago, we experienced unauthorized access to some of our API keys. All trading has been suspended while we investigate. Potential losses do not represent a significant portion of our equity and we aim to resume trading as quickly as possible.— Kronos Research (@ResearchKronos) November 18, 2023
Blockchain investigator ZachXBT followed up on the announcement and discovered that a total of approximately $25 million was transferred to six unique crypto wallet addresses. According to the investigation, the six transactions, worth 2,780 ETH, 2,540 ETH, 2,540 ETH, 2,636 ETH, 4.93 ETH, and 2,507.52 ETH, were sent from the Kronos Research account to various addresses owned by the hackers.
While Kronos Research will cease trading services indefinitely until an internal investigation tracks down the culprits of the theft of more than 12,800 ETH, the company anticipates positive results:
“The potential loss is not a significant part of our equity and our aim is to resume trading as soon as possible.”
Kronos Research did not immediately respond to Cointelegraph’s request for comment.
related: Atomic Wallet asks for lawsuit over $100 million hack to be dismissed, saying it has “nothing to do with the U.S.”
The increasing number of cryptocurrency hacks requires investors to conduct extensive research on the projects they intend to invest in.
Blockchain security company CertiK recently revealed that the third quarter of 2023 was the most “disruptive” quarter in the cryptocurrency space.
Private key exploitation, exit scams, and oracle manipulation are the most common techniques used by hackers in the crypto ecosystem. In the third quarter of 2023, various security incidents caused more than US$700 million in digital asset losses, exceeding the US$320 million loss in the first quarter and the US$313 million loss in the second quarter.
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