Angry engineers changed the code, and Kronos Research lost $1.4 million. The engineers were upset about not getting bonuses. A court in Taipei said they could go to jail, but they can choose to pay a fine instead.
In a big incident showing how important security is inside a company, Kronos Research, which works with crypto trading, lost $1.4 million because of two unhappy engineers. These engineers changed the trading algorithms after not getting their bonuses and then left the company.
Their changes in the code caused the trading to not work well, and this made the company lose a lot of money. When Kronos Research found out what happened, they went to the law. The court in Taipei decided that both engineers could go to jail, but they could also choose to pay a fine instead.
Two engineers who were dissatisfied with the unpaid bonus tampered with the code of the crypto quantitative trading team Kronos Research before leaving, causing the company to lose $1.4m. Two people have been sentenced to fixed-term imprisonment by the Taipei court, but can pay a…
— Wu Blockchain (@WuBlockchain) August 27, 2023
Lessons from Kronos Research: Tech and Crypto Firms Beware
This story should make tech and crypto companies careful. If employees are unhappy and not helped, they might do things that cost a lot of money and even lead to legal problems. Companies like Kronos Research are in a tough spot because they use complex, secret codes for their work.
This situation also makes us think about how well companies protect themselves inside. How can they stay safe from problems that start within? This shows that companies need strong rules for security inside, like not letting everyone access important systems and checking things often to catch any strange stuff.
Besides, it shows how important it is to make the workplace good so people can talk about problems. When they can talk, they’re less likely to do things like this.
In the end, as crypto trading companies use more computer programs and automatic systems, the risk of inside problems goes up too. This should make everyone think about being more careful inside and listening to workers to stop problems before they get big.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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