Over recent times, cybersecurity has become a dire need in the complex world of cryptocurrency. Victims of hacks and security breaches have seen their efforts go in vain, igniting the need for improved and bulletproof security measures. A recent incident involving the crypto trading bot provider 3Commas has reaffirmed such concerns.
Several users of the platform reported unauthorised trades taking place on their accounts. A subsequent investigation by 3Commas, found that only a small number of accounts were compromised. To improve security, 3Commas has since implemented a new approach to resetting passwords and has disabled API connections, which should prevent further breaches.
However, while these steps are significant, they shed light on a broader perennial problem. Notably, accounts that fell victim to these unauthorised trades were largely ones that had not enabled two-factor authentication (2FA). In addition, the data accessed did not include user API data or passwords. From this, it is clear that enabling 2FA can be of immense value for individuals dealing with valuable digital assets. Therefore, it is highly recommended that users enable two-factor authentication and regularly change their password.
In a prior incident in late 2022, 3Commas initially denied that a breach had occurred, suggesting instead that its customers were victims of phishing. Eventually, however, the firm conceded that there had been an API leak, resulting in unwelcome trades on the accounts of victims. Calls for refunds and apologies were made by users who were affected.
Regrettably, these incidences also call into question the commitment of firms to user security and transparency in dealings. When firms deny their roles in these incidents only to admit responsibility later, it raises serious questions about their credibility. However, 3Commas has expressed regret over this particular incident and vowed to improve its security measures to avoid similar incidents in the future.
In conclusion, the crypto world is a land of great promise but is not without pitfalls. The quest for impermeable security is an ongoing one, with each episode of breach acting as a reminder of the need for constant vigilance. Both firms and users must always be on their guard, taking proactive measures to ensure the safety of digital assets.
Source: Cointelegraph
