WOO Network, in response to the security breach, took immediate action by suspending all transactions on its platform. The decision was made with the primary aim of protecting the safety of users’ positions during the tumultuous situation.
The crisis unfolded when Kronos Research, a prominent liquidity provider, announced that unauthorized access had been gained to some of its API keys. The severity of the situation became evident as all transactions were promptly suspended to mitigate potential losses and safeguard user assets.
ZachXBT, expressed the gravity of the situation by revealing that the losses incurred surpassed a staggering $25 million, equivalent to 12,800 ETH.