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Kronos, the market maker behind WOO, reported unauthorized access to some API keys, which led to a major hack incident of about $22 million loss.
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.
“In the interest of transparency, approximately 4 hours ago, we experienced unauthorized access to some of our API keys. We have halted all trading while we investigate. The potential losses are not a significant portion of our equity and we aim to resume trading as soon as possible,” Kronos said in a statement.
Read Also: Justin Sun Gives New Ultimatum To Poloniex Hackers, Offers $10m Bounty
This incident comes three months after an incident in which two engineers unhappy with unpaid bonuses tampered with the code of the cryptocurrency quantitative trading team at Kronos Research before leaving the company. 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.
Bitcoinworld earlier reported that the Poloniex Hack.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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