Kronos Analysis halts buying and selling amid $25M API key hack investigation

A hacker walked away with $25 million from quantitative buying and selling agency Kronos Analysis after accessing its compromised API keys.

On Nov. 19, Kronos Analysis revealed that an unauthorized entity accessed a few of its API keys. Subsequently, the agency stopped its buying and selling companies on the platform. Nevertheless, no losses have been reported on the time.

Within the curiosity of transparency
Round 4 hours in the past, we skilled unauthorized entry of a few of our API keys. We paused all buying and selling whereas we conduct an investigation. Potential losses usually are not a good portion of our fairness and we goal to renew buying and selling as quickly as attainable.

— Kronos Analysis (@ResearchKronos) November 18, 2023

Blockchain investigator ZachXBT adopted up on the announcement and located roughly $25 million in complete have been siphoned away into six distinctive crypto pockets addresses. In line with the investigation, the six transactions — value 2,780 Ether (ETH), 2,540 ETH, 2,540 ETH, 2,636 ETH, 4.93 ETH and a couple of,507.52 ETH, respectively — have been created from a Kronos Analysis account to numerous addresses owned by the hacker.

Whereas Kronos Analysis indefinitely halted the buying and selling companies till inside investigations tracked down the wrongdoer that stole over 12800 ETH, the agency expects a constructive final result:

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

Kronos Analysis 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 tasks they intend to put money into. 

Blockchain safety agency CertiK just lately revealed Q3 2023 as the most ‘damaging’ quarter for crypto.

Non-public key exploits, exit scams and oracle manipulation have been probably the most prevalent methods used for hacking crypto ecosystems. Over $700 million in digital property 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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