Although trading services will remain suspended indefinitely until the perpetrator of the approximately 12.8K ETH theft is found through internal investigations, Kronos Research stated that any losses do not represent a sizable amount of its value. Using its hacked API credentials, a hacker gained access to the quantitative trading business KR and earned $25 million. On November 19, Kronos Research disclosed that an unapproved party had obtained several of their API keys. The company then discontinued offering trading capabilities on the website. But at the time, no such losses had been mentioned.
After investigating the notification, blockchain analyst ZachXBT discovered that almost $25 million had been diverted into six different cryptocurrency wallet addresses. The six interactions, which were conducted from a Kronos Research address to different addresses held by the criminal, were valued at 2,780 Ether tickers below $2,027, 2,540, 2,540, 2,626, 4.93, and 2,607.52, respectively, according to the probe.
Investors Of Kronos Research To Investigate Every Project They Shall Invest In
Although trading services will remain suspended indefinitely until the perpetrator of the approximately 12.8K ETH theft is found through internal investigations, Kronos Research anticipates a successful outcome: “We intend to resume dealing as quickly as possible, and potential losses do not represent a substantial amount of our shares.” Due to the increasing frequency of cryptocurrency thefts, investors should thoroughly investigate the projects they want to invest in.
A particularly destructive quarter for cryptocurrency will be Q3 2023, according to blockchain security company CertiK. Oracle manipulation, exit frauds, and private key vulnerabilities had been the most often employed methods for breaking into cryptocurrency ecosystems. In Q3 2023, digital assets worth above $700M were lost due to numerous security events; this amount exceeded losses in the first quarter of $320M and the second quarter of $313M.
