The WOO X platform stopped operations since Kronos Research was hacked for $25 million

The hacking incident that triggered $25 million in harm to marketplace maker Kronos Research triggered the WOO X exchange to suspend operations for a handful of hrs.

The WOO X platform stopped operations since Kronos Research was hacked for $25 million. Photo: CryptoRand

Early in the morning of November 19, the WOO

As a end result, marketplace maker Kronos Research admitted that the attackers had hacked the API, withdrawn a massive sum of assets and had been unable to proceed trading usually. However, Kronos Research explained the stolen cash “does not represent a majority of the company’s assets” and will resume operations as quickly as probable.

It seems to be much more than $twenty.three million (12800+ ETH)

0x2b0502FDab4e221dcD492c058255D2073d50A3ae pic.twitter.com/sLnFA0VXhk

— ZachXBT (@zachxbt) November 18, 2023

“On-chain detective” ZachXBT estimates that the reduction suffered by Kronos Research quantities to twelve,800 ETH, well worth about $25 million.

Shortly following the information broke, WOO The exchange explained that Kronos Research is the biggest marketplace maker on this platform, supplying up to forty% of complete spot and futures liquidity, so it had to urgently halt trading to secure end users.

A handful of hrs later on, WOO

Status update
– First of all, all customers’ products are secure
– TLDR, our biggest liquidity supplier, Kronos Research, not too long ago suffered a cyber assault which triggered all trading on WOO
– Since Kronos Research is the foremost liquidity supplier for the spot markets and surrounding parts… https://t.co/sDR8QHvmZC

— WOO X (@_WOO_X) November 18, 2023

The exchange claims that users’ assets are nonetheless secure.

The selling price of WOO token is dropping by much more than 9.five% due to the over incident.

WOO token selling price fluctuations in the final 24 hrs, screenshot from CoinMarketCap as of 09:45 on November 19, 2023

COURT WOO X spot futures trading volume in excess of the previous 24 hrs was virtually $150 million.

Second Wu BlockchainA Taiwanese court has convicted two former Kronos Research staff members for staying dissatisfied with the firm and for intentionally sabotaging the fund’s operations, resulting in a reduction of $one.four million.

Two engineers dissatisfied with the unpaid bonus tampered with the code of cryptocurrency quantitative trading group Kronos Research prior to leaving, triggering the firm to eliminate $one.four million. Two persons have been sentenced to fixed-phrase imprisonment by the Taipei court, but they can spend a…

— Wu Blockchain (@WuBlockchain) August 27, 2023

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