WOO exchange starts compensating customers after hacking partner Kronos Research

The funds will reach the victims’ accounts within a week

22.11.2023 - 11:01

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What’s new? Crypto exchange WOO has started paying out compensation to users who faced position liquidations due to the suspension of trading activities of Kronos Research, a firm that provided liquidity to the platform. The funds will be paid out in several batches within a week.

Source: Twitter.com

What else is known? WOO assured that it will credit the affected users’ accounts itself, regardless of whether they contacted tech support after the incident.

The exchange will use USDT stablecoins from its own proceeds to make the payments. The team stressed that the exchange itself was not hacked and did not lose any funds, but its market partner Kronos Research faced the attack.

Thus, the company lost $26 million in ETH coins as a result of the API key leak and had to stop liquidity supply for exchanges and individual tokens. It claims that it remains solvent and will soon restore trading activity.

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