• 3Commas CEO Yuriy Sorokin has admitted that the latest API keys leak was the platform’s fault.
• The leak has caused the loss of funds for users who have connected their API keys to third-party exchanges.
• The platform has requested all partner exchanges to disable their API keys linking to its systems.
3Commas, an automated cryptocurrency trading platform, have recently come under fire after users reported the leak of their Application Programming Interface (API) keys, resulting in significant losses. After much denial and blame shifting, the platform’s Chief Executive Officer, Yuriy Sorokin, has finally come out to accept the leak was indeed from their platform.
The platform’s API connection links users to third-party exchanges such as Binance and KuCoin, allowing them to place automated trades with highly functional codes. Unfortunately, hundreds of users’ API keys were compromised, with on-chain Sleuth, ZachXBT, verifying as many as 44 3Commas users who lost a combined total of $14.8 million through the stolen keys.
In response to the incident, the platform has requested all partner exchanges to disable their API keys that are linked to its systems, in order to prevent any further losses. Although the company’s CEO has yet to confirm whether or not a refund will be issued to the affected victims, it is clear that they are taking immediate action in order to mitigate the issue.
Despite the unfortunate incident, 3Commas remains committed to providing users with a secure and automated trading platform. Going forward, the platform plans to increase its security measures and implement better protocols in order to ensure the safety of user funds.