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3Commas claims responsibility for API breach that caused hacks

3Commas

TL;DR Breakdown

  • 3Commas takes responsibility for API breach
  • CEO issues statement on the issue
  • The company is yet to release another update

3Commas has announced that the company suffered a breach that led to the hack that saw platform users lose funds and digital assets. According to the report published last week, the traders were said to have lost a cumulative $22 million during the said breach. This announcement came after an anonymous user released more than 100 API keys belonging to platform users and posted them across several online blogs.

The company’s CEO backtracks on statement

3Commas had initially maintained that the fault was not from their end as their security was up to par. The CEO of the platform took to Twitter to echo the same sentiment while claiming that the users might have been targeted with phishing links. However, the recent s update has made the CEO Yuriy Sorokin backtrack on his statement claiming that the released API keys were legit. He mentioned that the data in the released files were accurate, and the company was sorry for letting it get out.

He also stressed that they would henceforth create open communication with users and ensure that information released is transparent. The CEO also said that they had taken several measures to ensure security was beefed up and have contacted exchanges connected to them to revoke their respective links.

3Commas is yet to release another update

3Commas allows users to link separate crypto accounts on various websites using a particular software. The process is carried out using API, enabling users to carry out transactions and communication. The software helps traders automate their trades, making it easy and convenient for them. A Twitter user had previously mentioned that there were more than 40 users who lost more than $14 million during the attack.

During the period, the CEO claimed that it was the users’ fault if the keys were compromised. At the period, he mentioned that the media and rival companies were trying to attack the company, claiming the cases were too few for it to be a breach on the part of the company. This latest breach is coming off the back of a recent one that occurred on the FTX exchange. At the time, Sam Bankman Fried said he would help the affected users return their funds, which were about $6 million. 3Commas is yet to issue another official statement regarding the update.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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