WOO X Exchange Temporarily Suspends Operations After Major Hack on Kronos Research

Woo X

On the morning of November 19, the WOO X exchange unexpectedly announced a temporary suspension of operations, citing “unforeseen circumstances.” The reason behind this abrupt halt was that one of the exchange’s market makers fell victim to a hack.

The Kronos Research market maker acknowledged that their API had been compromised, resulting in a substantial withdrawal of assets, rendering them unable to continue normal trading. However, Kronos Research asserted that the stolen amount did not constitute a significant portion of the company’s assets and pledged to resume operations as soon as possible.

On-chain detective ZachXBT estimated that the damage suffered by Kronos Research amounted to 12,800 ETH, approximately 25 million USD.

Shortly after the news spread, WOO X had to publish a notice of temporary suspension. The exchange explained that Kronos Research was the largest market maker on their platform, accounting for 40% of total spot and futures liquidity, necessitating an urgent trading halt to protect users.

A few hours later, WOO X reported that they had reached out to other market makers for support and resumed trading activities around 8 a.m. on November 19. The exchange emphasized that user assets remained secure.

The price of the WOO token has declined by over 9.5% due to this incident.

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