Kronos Research halts trading after $25M API key hack investigation and explores key components of web 3.0.
Kronos Research halts trading amid $25M API key hack investigation

Investing in Web 3.0 and Blockchain Technology

Recently, news broke that a hacker had accessed an API key belonging to quantitative trading firm Kronos Research and was able to walk away with $25 million. As a result, the firm stopped its trading services on the platform and launched an internal investigation to track down the culprit.

Blockchain investigator ZachXBT conducted a thorough investigation and discovered that the hacker had siphoned off a total of 12,800 Ether (ETH) into six different crypto wallet addresses. The transactions, each worth between 2,507.52 ETH and 4.93 ETH, were made from the Kronos Research account.

Kronos Research is now focusing on the security of its web 3.0 and blockchain technology, and is taking the necessary steps to ensure that such an incident does not happen again. The firm is also exploring various ways to invest in web 3.0 projects, which involve key components such as smart contracts, decentralized applications, and distributed ledgers.

Kronos Research is confident that the investigation will yield a positive outcome and is hopeful that its trading services will be back up and running soon.

Crypto Hacks and Web 3.0 Investments

Kronos Research did not reply to Cointelegraph’s inquiry.

The increasing number of crypto hacks necessitates that investors carry out comprehensive research on the projects they intend to invest in.

Blockchain security firm CertiK recently revealed that Q3 2023 was the most “destructive” quarter for crypto.

Private key exploits, exit scams and oracle manipulation were the most common techniques used for hacking crypto ecosystems. In Q3 2023, more than $700 million in digital assets were lost to various security incidents, surpassing first-quarter losses of $320 million and second-quarter losses of $313 million.

Investors should be aware of the key components of Web 3.0 and the top Web 3.0 projects before deciding to invest in this new technology. Those interested in investing in Web 3.0 should familiarize themselves with the key features and how to invest in this new blockchain technology.

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