EddieJayonCrypto

 20 Jun 24

tl;dr

Cryptocurrency exchange Kraken disclosed a critical security flaw, resulting in the theft of $3 million worth of digital assets by a research team. The team exploited a bug that allowed them to inflate their account balances. Kraken launched a criminal investigation and is working with law enforceme...

Kraken cryptocurrency exchange faces $3 million theft due to critical security flaw. The theft occurred when a research team exploited a bug to inflate their account balances.

Kraken has launched a criminal investigation and is working with law enforcement to address the incident. The exchange's chief security officer condemned the researchers' actions as extortion and emphasized that Kraken follows clear rules for bug reporting.

In response to the incident, Kraken intends to pursue legal action against the research firm involved. The exchange confirmed that it has never encountered issues with legitimate researchers and has always followed clear rules regarding vulnerabilities.

Kraken's chief security officer announced that the exchange is treating the incident as a criminal matter and is actively cooperating with law enforcement.

The total crypto market cap's valuation is at $2.3 trillion.

Featured image from DALL-E, chart from TradingView.com

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