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Kronos Research, the market maker for the crypto trading platform WOO Network, has suffered a hacking incident resulting in a loss of $22 million. The unauthorized access to API keys prompted the firm to suspend all trading activity on WOO Network. Kronos Research assured users that they were taking steps to address the security breach and stated that the funds at risk did not constitute a significant portion of its equity. WOO Network, which relies on Kronos Research as its primary liquidity provider, paused trading to protect users from low liquidity. The platform later resumed perpetual trading and spot trading. This is not the first security issue for Kronos Research, as they previously experienced a $1.4 million loss due to internal sabotage. The link between the previous incident and the recent hack remains unconfirmed, raising concerns about the firm’s security and internal controls. Speculations arose about WOO Network’s motives for halting operations, with some traders drawing comparisons to FTX exchange’s use of user funds. WOO Network’s terms of service allow market makers to trade on other exchanges using client funds deposited with the platform. The security breach has led to speculation that WOO Network may follow a similar path as FTX with user funds.