DailyCoin
Published Nov 14, 2022 10:20AM ET
Updated Nov 14, 2022 11:30AM ET
Binance Hacked by False Trading Bot Platforms – CZ Asks Users to Delete API Keys
Amidst the tumultuous market conditions induced by the collapse of FTX, Binance, the world’s largest cryptocurrency exchange, has suffered a compromise by false trading bot platforms, as users fell victim to phishing scams.
h2 Binance Compromised in Latest Exchange Attack/h2Following the mysterious attack on beleaguered crypto exchange, FTX, a number Binance users have reported the occurence of an exploit on the exchange, with funds being drained and transferred by hackers.
The Binance accounts are those owned by users who registered for third-party trading bots such as 3Commas and Skyrex. In an elaborate ploy, hackers developed a mock-up app resembling 3Commas in order to lure in users and trick them into sharing sensitive information.
Binance users who registered on these fake trading bot platforms had their exchange API identifiers stolen, which the attackers swiftly used to execute trades and steal funds from the accounts of victims.
h2 CZ Tells Victims to Delete Their APIs/h2Binance CEO Changpeng “CZ” Zhao has since asked users who shared their API keys with such third-party platforms, and reported unexpected activity on their Binance accounts, to delete their APIs.
API keys provide third parties with authorization to access a user’s accounts for trading. The plea from the Binance boss is hence aimed at preventing any further attacks by third-party platforms on accounts on the platform. CZ tweeted:
.tweet-container,.twitter-tweet.twitter-tweet-rendered,blockquote.twitter-tweet{min-height:261px}.tweet-container{position:relative}blockquote.twitter-tweet{display:flex;max-width:550px;margin-top:10px;margin-bottom:10px}blockquote.twitter-tweet p{font:20px -apple-system,BlinkMacSystemFont,"Segoe UI",Roboto,Helvetica,Arial,sans-serif}.tweet-container div:first-child{ position:absolute!Important }.tweet-container div:last-child{ position:relative!Important }
We seen at least 3 cases of users who shared their API key with 3rd party platforms (Skyrex and 3commas), and seen unexpected trading on their accounts. If you used such a platform before, I highly recommend you to delete your API keys just to be safe.h2 On the Flipside/h2— CZ Binance (@cz_binance) November 14, 2022
Although Binance is not directly responsible for the hack, the exchange has provided a solution to contain the damage caused to users by the phishing scam.
Get details on Binance’s recovery fund:
Binance is Forming a Recovery Fund to Assist Projects Experiencing Liquidity Issues
Read more on the weekend’s FTX hack:
Kraken Freezes Accounts Related to FTX and Alameda After Hacker Moves Funds Through Exchange
See original on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.