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Gungun Bhatia
Dec 29, 2022
by Gungun Bhatia

3Commas CEO Acknowledges API Key Breach Following CZ Alert

3Commas API Key Breach

Table of contents

  1. 3Commas CEO Confirms API Key Breach
  2. Security Problems Faced Due to API
On December 28, Changpeng Zhao (CZ), the CEO of Binance, issued a warning to his 8 million Twitter followers with regard to 3Commas, stating that he is "quite confident" that API fundamental breaches are occurring at the cryptocurrency trading management platform. The warning issued by CZ Binance was related to the 3Commas API Key breach scenario.

3Commas CEO Confirms API Key Breach

CZ made the statement in response to an event occurred on December 9 in which Binance terminated the account of a person who had reported losing money the previous day. It was alleged by that user that a 3Commas-related API key had been obtained and had been used to execute trades on low-cap coins to increase the price in order to earn profit. Binance declined to compensate the user.

According to CZ's tweet, the loss cannot be verified, and if the business compensates for it, it will simply be paying for individuals to lose their API credentials.

Security Problems Faced Due to API

On December 11, the CEO of 3Commas, Yuriy Sorokin, stated on the blog site that phony snapshots were spreading on Twitter and YouTube, allegedly proving the firm's insufficient security and workers' theft of API credentials.

Sorokin refuted the accusations by stating the snapshot creator did a fantastic job using an HTML editor. There are a few critical errors that clearly show their assertions are false. These will be covered in detail. In late October, 3Commas first experienced security difficulties. In response to user allegations of unlawful transactions of trading pairs with the DMG currency on FTX at the time, the still-operational FTX exchange published a security notice. The trades were carried out by hackers who, according to 3Commas and FTX, had established accounts on 3Commas.

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Binance FTX 3Commas Changpeng Zhao (CZ) API Breach DMG currency 3commas api key
3Commas CEO Acknowledges API Key Breach Following CZ Alert
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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