Kronos Research, a Taipei-based cryptocurrency trading and investment firm, recently faced a significant security breach resulting in the theft of $25 million. This incident, which involved unauthorized access to the company’s API keys, led to the loss of approximately 13,007 ETH, valued at $25 million at the time
The attack occurred in mid-November, and in response, Kronos Research temporarily halted its trading services on the platform. Despite this drastic measure, no losses were reported initially. The breach highlights the vulnerabilities faced by financial firms in the digital age, particularly those dealing with cryptocurrencies.
In a unique turn of events, Kronos Research has initiated negotiations with the hacker responsible for the theft. The company has offered a 10% bounty for the return of the stolen funds.
In a direct message to the hacker, Kronos Research proposed that if 90% of the stolen funds were returned, they would consider the matter resolved. This approach indicates a pragmatic strategy by Kronos Research to recover the lost funds while minimizing further risk and exposure.
This situation underscores the ongoing challenges and risks associated with cybersecurity in the cryptocurrency sector. It also highlights the unconventional methods companies may employ in response to cyber thefts.
As the digital finance landscape continues to evolve, such incidents serve as a reminder of the need for robust security measures and innovative approaches to risk management.
