3Commas Admits API Leak, $14.8 Million Lost: Refund Yet to be Confirmed

• 3Commas has recently admitted that its Application Programming Interface (API) was leaked and caused the loss of funds for its users.
• The platform has requested all partner exchanges to disable their API keys linking to its systems.
• The Chief Executive Officer, Yuriy Sorokin has come out to admit the leak was from the platform, but a refund to the affected victims has not yet been confirmed.

Over the past few weeks, crypto Twitter has been calling out 3Commas, an automated trading platform, for the leak of its Application Programming Interface (API) that has caused the loss of funds for users. 3Commas is a platform that helps users to connect to third-party exchanges like Binance, KuCoin, and the like where highly functional codes can be used to place trades in an automated manner. The connections to these centralized exchanges are through the APIs of which hundreds of users’ keys were compromised.

Popular on-chain sleuth, ZachXBT said he verified as many as 44 3Commas users who lost a cumulative of $14.8 million through the API keys that were stolen from the platform. After much denials and blame shifting, the platform’s Chief Executive Officer, Yuriy Sorokin has come out to admit the leak was from the platform.

The company’s CEO has not confirmed whether or not he will be making a refund to the affected victims but said as an immediate course of action, the platform has requested all partner exchanges to disable their API keys linking to its systems. In addition, the company has implemented a two-factor authentication for all its users as a security measure.

3Commas’s admission of the API leak has been welcomed by the crypto community as many have suggested that the company should do the right thing and compensate its users who have been affected. The company has yet to comment on their plans to compensate their users, but they have promised to continue to work hard to protect their users’ funds.

The API leak is a reminder to all users to be extra vigilant when it comes to their online security as hackers are always on the lookout for vulnerable systems. 3Commas is just one of many platforms that have been targeted by malicious actors, and users must take the necessary steps to protect their funds and data.