April 19, 2024
3Commas on High Alert After Multiple User Accounts Hacked
Latest Cryptocurrency News

3Commas on High Alert After Multiple User Accounts Hacked

Crypto trading bot provider 3Commas is taking extra precautions following a recent security incident where some user accounts were compromised and used for unauthorized trades. In a blog post dated October 8th, Yuriy Sorokin, co-founder and CEO of 3Commas, acknowledged reports from users regarding unauthorized trades after resetting their passwords.

An investigation by the company revealed that only a small number of customer accounts were affected by this breach, although the exact number of impacted users was not disclosed. Sorokin stated, “We will continue with our investigation into this matter, and please note, however, that in the meantime, our services are running normally, and we will continue to operate in a state of heightened alert.”

3Commas noted that most of the accounts with unauthorized trades did not have two-factor authentication (2FA) enabled. The compromised data did not include user API data or passwords.

To enhance security, the company has introduced a new password reset procedure and has disabled API connections following a password reset. Users are strongly encouraged to enable 2FA and regularly update their passwords. Notably, in December 2022, 3Commas disclosed a previous incident from October where user API keys were leaked, resulting in unauthorized trades on affected accounts.

Sorokin and 3Commas had initially denied any breach and instead suggested that customers had fallen victim to phishing attempts. However, they later admitted to an API leak from 3Commas.

Users affected by the earlier API leak had called for refunds and an apology due to feeling misled by the company. Sorokin expressed regret over the recent incident and affirmed that 3Commas is actively enhancing its security measures to prevent or mitigate similar incidents in the future.

Image by DCStudio on Freepik

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