Automated cryptocurrency trading service provider 3Commas has warned its community members to be wary of account-related notifications as cyber threats become increasingly prominent on the platform. Over the weekend, the platform team decided to make some changes to its existing security system after some users complained of seeing unauthorized transactions on their accounts. This hints that the platform may be vulnerable to cryptocurrency hackers. Passwords for these accounts were also reportedly reset, hinting at a potential hack.
3Commas is a cloud-based cryptocurrency trading platform that allows users to stay ahead of the game using its trading bots. The bot effectively makes trade-related decisions based on real-time market statistics.The platform was founded in 2017 and has excellent customer feedback community It has more than 100,000 entities under its umbrella.
After an internal investigation, 3Commas found that the hack affected only a small number of user accounts and that its large-scale operations remain secure and normal.
In the context of this incident, the platform strongly recommends that all users enable two-factor authentication (2FA).
“The security incident that occurred primarily affected customers who did not have 2FA enabled. Please note that the accessed data did not include your API secrets and account passwords. In response to a small number of customer reports, we took immediate steps to resolve the issue,” the Estonia-based company said. company said.
3Commas explained the security changes made to its system in its official post.
“We have changed our approach to password resets and deployed additional functionality so that now, after a password reset, all API connections are deactivated to provide an additional layer of security. In the meantime, our services are operating normally, We will continue to operate on a high level of alert.”
As of now, details about the funds that may have been stolen or transferred in the attack have not been disclosed.
However, this is not the first time that 3Commas user accounts have been attacked by notorious cyber hackers.
In October 2022, 3Commas’s API key was leaked, resulting in unauthorized transactions on the victim’s account.
Hackers continue to target the cryptocurrency industry not only because cryptocurrency transactions are largely untraceable, but the lack of regulations governing the industry gives them loopholes before law enforcement agencies.
In the last period of September, Web3 company Mixin Network was hacked, resulting in a loss of $200 million (approximately Rs. 1,662 crore) from its account.
In fact, reports from Web 3.0 security companies show that in the first half of 2023, funds stolen through cryptocurrency scams, hacking attacks, and thefts have exceeded $656 million (approximately Rs. 5,454 crore). beoxin July said.
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