Kronos Research Loses $26 Million in Unauthorized API Access Incident

According to Kronos Research, the crypto trading steadfast mislaid assets worthy $26 cardinal connected Nov. 18 aft an chartless enactment illegally accessed its exertion programming interface (API). Kronos Research claimed the losses associated with the unauthorized API entree bash not represent “a important portion” of its equity.

Breach Does Not Affect Kronos’ Financial Standing

On Nov. 18, Kronos Research, a crypto trading firm, revealed that an chartless enactment had illegally accessed immoderate of its exertion programming interface (API) prompting it to intermission each trading. Kronos Research claimed successful a statement shared via X (formerly Twitter) that the worth of the stolen funds does not represent “a important information of our equity.”

While the crypto steadfast did not initially disclose the worth of the stolen assets, Zachxbt — an online crypto theft researcher — suggested that the cybercriminals had siphoned much than 12,800 ether (ETH) worthy much than $20.3 million. However, successful a later update besides issued via X, Kronos Research revealed that hackers had stolen integer assets worthy $26 million.

4/ We’re prioritizing our resources to resume servicing the exchanges and token projects we supply liquidity for. This is the archetypal clip since 2018 we've halted trading, and we are assured we volition bounce backmost stronger than ever.

— Kronos Research 🟠 (@ResearchKronos) November 19, 2023

Despite this incidental which has near the crypto steadfast with a $26 cardinal hole, Kronos insisted the grade of the losses did not airs a menace to its fiscal well-being. The Nov. 18 connection reads:

At present, we tin corroborate that the losses are astir $26 cardinal successful crypto assets, and contempt it being a sizable amount, Kronos remains successful bully standing. All losses volition beryllium covered internally, nary partners volition beryllium affected.

The steadfast besides thanked crypto speech platforms and partners for their “proactive assistance” which has helped successful managing the situation. At the clip erstwhile the connection was issued, Kronos said it would springiness precedence to exchanges and token projects that it provides liquidity for. Kronos besides vowed to look stronger from the incidental which forced it to intermission trading for the archetypal clip since 2018.

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