Crypto Trading Firm Kronos Research Offers 10% Bounty to Hacker

Kronos Research was hacked in mid-November via stolen API keys, with the attacker making off with $25 million.

AccessTimeIconNov 28, 2023 at 5:45 a.m. UTC
Updated Jan 26, 2024 at 3:10 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Taipei-based cryptocurrency trading and investment firm Kronos Research has opened doors for negotiations with a hacker who made off with $25 million of the firm's treasury early this month.

In a message to the hacker, Kronos said, send back 90% of the stolen funds, and we'll drop this matter, Etherscan show.

(Etherscan)
(Etherscan)

Last week, the Taiwanese trading and VC firm reported via a post on X that an unauthorized entity gained access to its API keys. Onchain experts ZachXBT and Lookonchain later confirmed that the attacker made off with $25 million, mostly in stablecoins.

"At present, we can confirm that the losses are about $26 million in crypto assets, and despite it being a sizable amount, Kronos remains in good standing. All losses will be covered internally, and no partners will be affected," the firm later posted on X.

Public, on-chain negotiations between hackers and their victims have become increasingly common.

Recently, the attacker behind an exploit of KyberSwap signed one of the transactions that pilfered funds from the decentralized exchange, stating that they would begin negotiations when they were "fully rested." KyberSwap offered them a 10% bounty to return stolen funds.

In August, Curve Finance offered hackers a 10% bounty in exchange for the return of the stolen crypto, also negotiated via transaction signing.

Over $1.2 billion has been stolen from Decentralized Finance (DeFi) protocols this year, according to DeFiLlama.

Edited by Omkar Godbole.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.