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Cryptocurrency 11 minutes ago (Dec 29, 2022 12:00PM ET)

3Commas Finally Takes Responsibility for the API Leak, Crypto Community Reacts 3Commas Finally Takes Responsibility for the API Leak, Crypto Community Reacts

Yuriy Sorokin, co-founder and CEO of crypto trading platform 3Commas, has admitted that the API Keys leak that led to the theft of $22 million worth of crypto was the company’s fault.

3Commas Admit to Being at Fault in the API Keys Leak

On December 9th, Binance CEO Changpeng ‘CZ’ Zhao revealed that some users connected to 3Commas had experienced suspicious activities on their trading wallets, with over $22 million being drained from their crypto accounts.

At the time, 3Commas denied being at fault for the leak, with Sorokin insisting that the users had misplaced their keys. However, after back and forth, Sorokin, on December 28th, confirmed that 3Commas was responsible for the exposed API keys. He tweeted;

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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

Zach XBT, a crypto influencer, shared his conversation with the reported hacker. According to the hackers, they have a database of 100,000 3Commas users worth over $1 billion. However, their aim was to teach people not to trust the company.

Crypto Community Reacts, Users Request Refunds

3Commas has come under intense fire from the crypto community, as it previously referred to the claims of customers as “false rumors shared by bad faith actors using falsified evidence.” Popular crypto investor CoinMamba wrote:

You kept lying and saying this was our fault instead of taking responsibility and prevented further exploits. Are you going to refund the users now?

— CoinMamba (@coinmamba) December 28, 2022

With exchanges refusing to reimburse them, victims of the 3Commas API leak have taken out their outrage on 3Commas, with many calling for refunds and an apology. Some have even called for the company to be shut down.

On the Flipside

  • Some API keys in the leaked database remain active. This means the funds of those users are still at risk of being stolen.

Why You Should Care

3Commas has now asked that Binance, Kucoin, and other supported exchanges revoke all the keys connected to 3Commas to prevent further losses.

Read about the 3Commas exploit in:

3Commas API Exploit Costs FTX Users Crypto Worth Millions of Dollars

The links to Binance are covered in:

Binance Hacked by False Trading Bot Platforms – CZ Asks Users to Delete API Keys

See original on DailyCoin

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