Kronos Research Hit by $25 Million Crypto Hack, Industry Security Concerns Rise

Kronos Research, a company that does complex trading, recently faced a big problem. A hacker got into their system and took $25 million. This happened after the hacker got into some special keys, called API keys, that Kronos Research uses for its work.

On November 19, the company told everyone that someone who shouldn't have had access to these keys got in. Because of this, they had to stop their trading services for a while. At first, they didn't think they lost any money.

Investigation Reveals Significant Theft

However, a person who looks into blockchain issues, named ZachXBT, found out more. He discovered that about $25 million had been taken and moved to six different digital wallets. This money was in a digital currency called Ether (ETH). The hacker made six transfers from Kronos Research to these wallets.

Kronos Research has now stopped all trading. They are trying to find the person who took more than 12,800 ETH from them. Even though this is a big problem, the company believes it can handle it. They don't think the money taken is a big part of what they own, and they want to start trading again soon.

Rising Security Issues in Crypto

This incident with Kronos Research is part of a bigger problem in the world of crypto, or digital money. A company that checks the safety of blockchain, CertiK, said that the third quarter of 2023 was the worst for crypto safety. People lost over $700 million in different security problems during this time. That's more than what was lost in the first and second quarters of the year.

The main ways hackers cause trouble in crypto are by getting private keys, tricking people into exit scams, and messing with something called oracles. With so many hacks happening, people who want to invest in crypto should be very careful and learn a lot about where they put their money.

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