Monday, December 4, 2023

Kronos Research halts trading amid $25M API key hack investigation

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A hacker walked away with $25 million from quantitative trading agency Kronos Research after accessing its compromised API keys.

On Nov. 19, Kronos Research revealed that an unauthorized entity accessed a few of its API keys. Subsequently, the agency stopped its trading providers on the platform. Nevertheless, no losses had been reported on the time.

Blockchain investigator ZachXBT adopted up on the announcement and located roughly $25 million in whole was siphoned away into six distinctive crypto pockets addresses. Based on the investigation, the six transactions — value 2,780 Ether (ETH), 2,540 ETH, 2,540 ETH, 2,636 ETH, 4.93 ETH and a pair of,507.52 ETH, respectively — had been made out of a Kronos Research account to numerous addresses owned by the hacker.

Kronos Research hacker sends stolen $25 million to numerous addresses. Supply: Etherscan

Whereas Kronos Research is indefinitely halting the trading providers till inner investigations monitor down the wrongdoer who stole over 12,800 ETH, the agency expects a optimistic consequence:

“Potential losses usually are not a good portion of our fairness and we goal to renew trading as quickly as doable.”

Kronos Research didn’t instantly reply to Cointelegraph’s request for remark.

Associated: Atomic Wallet asks to toss suit over $100M hack saying it has ‘no US ties’

The rising variety of crypto hacks warrants that traders conduct intensive analysis on initiatives they intend to spend money on.

Blockchain safety agency CertiK lately revealed Q3 2023 as the most “damaging” quarter for crypto.

Incident counts and quantity misplaced in Web3 safety incidents in Q3 2023. Supply: CertiK

Non-public key exploits, exit scams and oracle manipulation had been probably the most prevalent strategies used for hacking crypto ecosystems. Over $700 million in digital belongings was misplaced to numerous safety incidents in Q3 2023, surpassing first-quarter losses of $320 million and second-quarter losses of $313 million.

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