Binance CEO Clarifies Rumors Around API Leak

On November 13, a Binance user reported that someone gained access to his account. In addition to this, he said someone placed a big order on the AXS token, purchasing the digital assets for $1 million.

It was just a matter of time before Binance’s CEO cleared the air by giving clarification on this matter. CZ in a Twitter thread expresses his concern and said that Binance is attempting to identify what might be the problem. The user, who nearly lost his money, validated CZ’s statement shortly after.

Is Binance API Compromised?

Matter of fact, The Binance API key is the root of the cause. The Binance API key is known for managing trading bots or providing benefits to the platform that have more benefits than the conventional trading desk and placing orders through numerous accounts.

The Binance user who needed to close an undesired position in AXS found a solution in the Skyrex cryptocurrency trading bot. The API leak, though, might not have been caused by the project at all, but rather by the user, who may have done it unintentionally. In order to prevent any problems with their accounts, customers should immediately revoke APIs through their account settings on Binance if Skyrex is the source of the leak.

In the response the CZ said on this matter that they would disable all API keys used by Skyrex even if its users don’t do anything to prevent the leak from getting worse. As per the reports, hackers only managed to enter one account, but it is unclear if they also had access to the money of other well-known individuals.

Worthnotingly, top crypto exchange CEO also unveils his plan to assist crypto projects experiencing a liquidity issue as the collapse of rival FTX ripples across the industry, according to the CEO, who also unveiled his plan to introduce a fund.