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

3Commas has finally taken responsibility for the API leak, leading users to call for refunds as over $22m has been stolen.

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.

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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;

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:

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

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia