Prior to this, Binance CEO Changpeng Zhao (CZ) issued a warning that API key leaks were occurring at the cryptocurrency transaction management platform 3Commas; however, the company first refuted these allegations on many occasions. At long last, they’ve been able to validate the credibility of the leak.
An unidentified Twitter user was able to steal about 100,000 API keys that belonged to users of 3Commas. The leaker released more than 10,000 of the keys on Dec. 28 and claims that the remaining ones will be released in full and at random over the course of the next several days.
After requesting that all keys be revoked, 3Commas has asked that Binance, Kucoin, and other supporting exchanges do so. The company said further:
“We did everything we could to investigate an inside job, as it was always a possible scenario and on our watch list, but no evidence of an inside job was found.”
The company also noted that they have adopted additional security measures and will not stop there; they will initiate a comprehensive investigation in which law enforcement will be participating.
Users are able to connect several cryptocurrency exchange accounts, such as those maintained on Binance or Coinbase, to automated trading software via the usage of the 3Commas platform.
APIs, or application programming interfaces, are the standardized procedures that allow independent software components to connect with one other and carry out activities.
The concept behind this is that human beings won’t have to put in the effort required to think about their respective trades. Instead, the whole process is carried out in real time and entirely autonomously by use of code; until the wrong individuals obtain access to the application programming interfaces.
