Crypto Trading Bot Provider 3Commas Reports Unauthorized Trades on User Accounts
Popular crypto trading bot provider, 3Commas, has issued a security update after some of its users reported unauthorized trades on their accounts. According to the co-founder and CEO, Yuriy Sorokin, the company received reports from users who had reset their passwords and subsequently discovered unauthorized trades. An investigation revealed that only a few customer accounts were compromised, although the exact number was not disclosed.
Heightened Alert and Security Measures
Following the incident, 3Commas stated that it would continue its investigation while operating in a state of heightened alert. The company clarified that its services are running normally. It was noted that most of the affected accounts did not have two-factor authentication (2FA) enabled. 3Commas assured users that no user API data or passwords were accessed during the breach.
To enhance security, 3Commas has implemented new measures, including a revised password reset approach and disabling API connections after a password reset. The company strongly recommends that users enable 2FA and regularly change their passwords.
Past Incidents and Customer Reactions
This is not the first security incident for 3Commas. In December 2022, the company revealed an API key leak that resulted in unauthorized trades on affected accounts. Initially denying a breach and suggesting phishing as the cause, 3Commas later admitted to the API leak.
Customers affected by the previous incident demanded refunds and an apology for being misled. In response to the recent incident, Sorokin expressed regret and emphasized that 3Commas is actively working to improve security measures to prevent similar incidents in the future.
Hot Take: Enhanced Security Measures Crucial in Crypto Trading Platforms
The recent unauthorized trades on 3Commas user accounts highlight the importance of robust security measures in crypto trading platforms. While the number of affected users remains undisclosed, the incident serves as a reminder to enable two-factor authentication and regularly update passwords. Crypto traders should carefully evaluate the security features and track record of any platform they use, ensuring that their assets are adequately protected from potential breaches. Platform providers must prioritize security and continually enhance their measures to safeguard user accounts and funds.
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