Kronos Research, a cryptocurrency quant trading firm, has lost approximately $26 million in assets due to unauthorized access to its application programming interface (API). The incident occurred on November 18, 2023. The company has disclosed that the attackers gained access to API keys that allowed them to execute trades on their behalf. Kronos Research has temporarily suspended all trading activities while it investigates the incident. The company has stated that the losses do not constitute a significant portion of its equity. However, the incident highlights the risks associated with cryptocurrency trading and the importance of robust security measures.