Binance Refutes 3Commas Hack Concerns Over Big Altcoin Buys

Binance 3Commas Hack News: While it is an encouraging sign for altcoins, the latest big buys on Binance was a point of concern for the crypto community. This is due to concerns over a potential Binance hack with the 3Commas API leak. However, the crypto exchange said it does not appear to be a case of hack of compromise of assets. Stating that “funds are SAFU,” the team said it was probing the related accounts for taking action if any required.

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Binance Account Exploit Through 3Commas API

Hey guys. Unfortunately two days ago my Binance account got exploited through an API which I’ve created 2 years ago and haven’t used since which I assumed I deleted but apparently didn’t. It was used to make trades on low cap coins to push up the price to make profit.

— CoinMamba (@coinmamba) December 8, 2022

On Friday, Coin Mamba, a crypto trader, claimed his 3Commas API was used to trade low cap altcoins and manipulate prices. Claiming that he had submitted the API only on the 3Commas platform, he warned users against having the cryptocurrencies on the Binance account. Meanwhile, it was reported on Sunday that certain altcoins saw trades in abnormally huge prices. Wu Blockchain, the crypto reporter, said the altcoins were stolen by hackers associated with 3Commas platform.

“A large number of altcoins OM / AMP / NEXO / POLS / SUN / ARDR / BIFI / XVS / ARK / LOOM / OSMO were contra traded in Binance. It seems that some users’ API KEY has been stolen by hackers and related to 3Commas.”

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Meanwhile, the Binance team responded to claims of exploitation. The exchange’s management acknowledged the “abnormal price movements” for the cryptocurrencies. Stating that the activity does not seem to be related to any hack, Binance said the funds are actually safe.

“This activity does not appear to be due to compromised accounts or stolen API keys; funds are SAFU.”

A Phishing Attack?

On the other side, the 3Commas team said it was working with the Binance team on the issue. It said that old keys not in active use for more than 3 months would be revoked. It suggested that the incident could likely be a phishing case.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]om.

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