Binance and KuCoin users connected to trading bot 3Commas hit by … – FXStreet

  • Binance, KuCoin and other exchanges where users accessed 3Commas are targeted by a database leak.
  • Users of the trading bot generated and shared API keys with their 3Commas account to allow trading, exploiters reveal that several keys are still active. 
  • 3Commas launched a full investigation involving law enforcement and implemented new security measures to protect users. 

Binance, KuCoin and other cryptocurrency trading platforms where users granted access to trading bot 3Commas through API keys are hit by an exploit. The hacker has shared select keys from a 100,000 API key database of which most accounts are still active. The team behind the algorithmic trading bot acknowledged the hack and assured traders that new security measures are in place. 

Also read: Binance CEO Changpeng Zhao believes external factors are driving fear among BNB holders

Binance, KuCoin users of 3Commas hit by sensitive information leak

Binance, one of the largest crypto exchanges by trade volume and Seychelles-based trading platform KuCoin users are hit by an API key leak. API is short for Application Programming Interface, a set of rules describing how two applications interact with each other. In crypto trading, an API grants access to the real-time market data, trades and manages the user’s account. 

Traders on exchanges like Binance and KuCoin accessed the 3Commas trading bot and shared API keys for auto-execution of trades. The team behind the algorithmic trading platform has confirmed the leak and asked users to revoke access for 3Commas. 

1. Statement from 3Commas:

We saw the hacker’s message and can confirm that the data in the files is true. As an immediate action, we have asked that Binance, Kucoin, and other supported exchanges revoke all the keys that were connected to 3Commas.

— Yuriy Sorokin (@YS_3Commas) December 28, 2022

Yuriy Sorokin, CEO and founder of assured users that the API key leak was not an inside job. An anonymous Twitter user shared a few API keys from a database of 100,000 of which many are still active. Zach XBT, a crypto influencer shared screenshots of his conversation with the exploiter in a recent tweet.

1/ Six hours ago an account messaged me and sent over a db with api keys of 3Commas users. I began working to verify its validity and quickly shared the info with exchanges.

— ZachXBT (@zachxbt) December 28, 2022

3Commas is cooperating with law enforcement to identify the bad actor

After confirming that the 3Commas leak was not an inside job, the team behind the trading bot is working with law enforcement to identify the bad actor behind the incident. In the meanwhile the platform’s CEO recommends users revoke access granted to third-party firms for algorithmic trading through bots. 

Crypto influencers raised red flags with details of a potential API key leak constantly for weeks while the founder and the 3Commas team denied it. This is the first instance where the platform has acknowledged the exploit and shared details with users. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

You May Also Like

About the Author: Kate