of WOO Kronos, the market maker behind it, reported unauthorized access to some API keys.
The company has suspended all trading activities while it conducts an investigation into the incident. According to ZachXBT, the estimated loss from this security breach is approximately $22 million.
Kronos said in a statement: “In the interest of transparency, approximately 4 hours ago, we experienced unauthorized access to some of our API keys. We have suspended all trading while we investigate. “The potential losses are not a significant portion of our equity capital and we aim to resume trading as soon as possible.”
This incident occurred when two engineers, dissatisfied with unpaid bonuses, worked at Kronos Research before leaving the company. cryptocurrency It occurred three months after an incident involving the quantitative trading team tampering with its code. This situation caused the company to lose 1.4 million dollars.
The two men were sentenced to fixed-term imprisonment by a Taipei court, but were able to pay fines to avoid serving their sentences. The connection between the two events in question has not been confirmed.
Following the development, there was a loss of value in the WOO token and the price decreased by approximately 10%. The founding team of WOO Network includes Jack Tan and Mark Pimentel, co-founders of Kronos Research.
*This is not investment advice.
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