#KronosResearch #CryptoTrading #APIBreach #CryptoSecurity #CryptoTheft #CyberSecurity #CryptoScandal #UnauthorisedAccess
Kronos Research, a leading cryptocurrency trading firm, experienced a staggering loss of $26 million on November 18 in a breach of its application programming interface (API). The unauthorized access was performed by an unidentified third party, leading to an abrupt halt in all trading activity for Kronos. Despite the sizable monetary loss, the firm claimed that the situation is not detrimental to its overall financial well-being. The public announcement, shared via social media platform X, assured stakeholders that the stolen amount did not represent “a significant portion of our equity.”
Cryptocurrency theft investigator, Zachxbt, had initially suggested that the compromised assets amounted to over 12,800 Ether (ETH) which was equivalent to more than $20.3 million. However, Kronos Research later confirmed that the actual figure stood at $26 million. Regardless of this significant breach, the firm maintained an optimistic front, affirming that the unexpected loss did not negatively impact their financial status. They expressed their sincere gratitude to crypto exchange platforms and partners for their assistance in managing the situation. Determined not to let this setback discourage them, Kronos remains committed to its clients and aims to emerge stronger from this incident, which required them to suspend their trading operations for the first time since 2018.
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