3Commas owns up to hack after hacker leaks API keys

Sahana Kiran
Source – Master The Crypto

More turbulence follows as 2022 nears its conclusion. Last week, $22 million worth of crypto was stolen in a hack. These funds were missing due to compromised API keys from 3Commas. However, the firm’s co-founder Yuriy Sorokin dismissed these claims and suggested that there was no security issue in the firm.

This dismissal did not last long as Binance’s Changpeng Zhao quickly took to Twitter and shed light on the same.

An anonymous Twitter user garnered around 100,000 API keys belonging to 3Commas users and published them online. The hacker even suggested that he will publish the rest of the keys, in the next couple of days. Now, Sorokin has stepped up and revealed that 3Commas had been compromised. The co-founder of the trading platform wrote,

“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.”

Users may connect their various crypto exchange accounts, including those held on Binance, to automated trading tools using 3Commas. Application programming interfaces [APIs] are standardized procedures that let various software components connect with one another and carry out activities. Sorokin further went on to confirm that this wasn’t an inside job.

Crypto community reacts

3Commas faced immense backlash for being ignorant about the entire situation. Several went on to accuse the firm of stealing funds. Additionally, a few others took a jab at Sorokin.

Further responding to Sorokin, a crypto investor who goes by CoinMamba tweeted,

“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?”

Additionally, Sorokin in his Twitter thread affirmed that 3Commas had put in place new security measures. While noting how they would continue doing so, he further wrote,

“…we are launching a full investigation involving law enforcement. We are sorry that this has gotten so far and will continue to be transparent in our communications around the situation.”