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Angry engineers changed the code, and Kronos Research lost $1.4 million. The engineers were upset about not getting bonuses. A court in Taipei said they could go to jail, but they can choose to pay a fine instead.

In a big incident showing how important security is inside a company, Kronos Research, which works with crypto trading, lost $1.4 million because of two unhappy engineers. These engineers changed the trading algorithms after not getting their bonuses and then left the company.

Their changes in the code caused the trading to not work well, and this made the company lose a lot of money. When Kronos Research found out what happened, they went to the law. The court in Taipei decided that both engineers could go to jail, but they could also choose to pay a fine instead.

Lessons from Kronos Research: Tech and Crypto Firms Beware

This story should make tech and crypto companies careful. If employees are unhappy and not helped, they might do things that cost a lot of money and even lead to legal problems. Companies like Kronos Research are in a tough spot because they use complex, secret codes for their work.

This situation also makes us think about how well companies protect themselves inside. How can they stay safe from problems that start within? This shows that companies need strong rules for security inside, like not letting everyone access important systems and checking things often to catch any strange stuff.

Besides, it shows how important it is to make the workplace good so people can talk about problems. When they can talk, they’re less likely to do things like this.

In the end, as crypto trading companies use more computer programs and automatic systems, the risk of inside problems goes up too. This should make everyone think about being more careful inside and listening to workers to stop problems before they get big.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #Blockchain #Bitcoin #CryptoNews #KronosResearch

Taiwanese trading firm Kronos Research has reportedly fallen victim to an estimated $25 million attack.

The cryptocurrency market faced a seismic shock on November 19th. Leading exchange platform WOO X announced the temporary suspension of operations, revealing that unauthorized access had been gained to some API keys of market maker Kronos Research. This breach resulted in a significant withdrawal of assets, rendering normal trading activities impossible. Despite the disruption, Kronos Research stated that the stolen amount did not constitute a substantial portion of the company's assets. The firm also pledged to resume operations as soon as possible. However, ZachXBT's estimates suggest that the total damage incurred by Kronos Research could be around $25 million (12,800 ETH).
Kronos Research Hacked.

Blockchain researcher ZachXBT estimated the total loss at $25 million, while Kronos stated that this did not reflect a significant portion of their equity. Kronos suspended all operations following the incident. This situation caused issues on the WooX exchange, where Kronos serves as a significant market maker. WooX, in its statement, reassured customers that their funds were secure before announcing a temporary halt in certain asset pairs due to the liquidity loss resulting from Kronos' suspension. However, spot, perpetual trading, and withdrawal operations have now resumed. Kronos, in its announcement, expressed its aim to resume trading as soon as possible.

WOO X Halts Activities.
WOO X issued a statement regarding the temporary suspension of its activities. The exchange added that Kronos Research served as its primary market maker, contributing up to 40% of the total spot and futures trading liquidity on the platform. Consequently, an urgent decision was made to halt trading to safeguard user interests. A few hours later, WOO X announced successful communication with alternative market makers to support the exchange's operations. Trading activities resumed on the morning of November 19th. WOO X, in a tweeted status update, reassured customers about the security of their assets. It's worth noting that WOO X's 24-hour trading volume for spot and futures stands around $150 million.

#ETH #BTC #KronosResearch #WOOX

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