According to a report by blockchain journalist Colin Wu, a new means of stealing money is developing, and that approach is contra trading. A customer discovered on the 19th of October that his FTX account, which was utilizing the 3commas API, had been trading DMG more than 5,000 times, resulting in the theft of approximately $1.6 million worth of cryptocurrency from his account, including BTC, ETH, FTT, and other cryptocurrencies.
It would seem that the users have informed Wu that FTX’s reply was to say that the API KEY of 3commas was leaked, and that scenarios very much like this one are not rare occurrences. Following the user’s submission of the police case filing notification, FTX did not provide any response or pause trading activity. It was said that there were no leaks that had taken place.
The prevalence of crypto crimes continues to grow. According to blockchain analyst Chainalysis, the entire value of cryptocurrencies stolen by hackers have hit a new high in the year 2022, setting a new record for the amount of money involved. Just in the month of October, a total of over $718 million worth of cryptocurrencies has been taken without permission, bringing the total for all of 2018 to almost $3 billion.
Recently, the cryptocurrency sector was rocked by the discovery of two significant vulnerabilities. By manipulating the market of Mango’s tokens, a hacker was able to steal an astounding one hundred million dollars from the decentralized financial service known as Mango. According to reports, organizations with ties to North Korea are responsible for the theft of around one billion dollars’ worth of cryptocurrencies using DeFi protocols thus far in 2022.
