The team of the exchange has recognized the cryptocurrencies’ abnormal price swings.
Binance has assured its users that their money is secure.
While the recent large purchases on Binance are a positive indication for cryptocurrencies, they have caused some alarm in the cryptocurrency world. Since the 3Commas API was leaked, worries have arisen that Binance may be hacked. The cryptocurrency exchange, however, has said that it does not seem to be a case of hacking or asset compromise. The team reported that “funds are SAFU” and that it was investigating the associated accounts to see what, if any, action was necessary.
The crypto trader Coin Mamba said on Friday that his 3Commas API was used to trade low-cap cryptocurrencies. And artificially inflate their values. He claimed he had just uploaded the API to the 3Commas platform and cautioned people not to store their cryptocurrency in their Binance accounts.
Collaborative Work
On the other hand, it was claimed that several alternative cryptocurrencies had exceptionally large price exchanges on Sunday. Crypto reporter Wu Blockchain claims that hackers connected to the 3Commas platform stole the cryptocurrencies.
The Binance team, meanwhile, addressed allegations of exploitation. The team of the exchange has recognized the cryptocurrencies’ abnormal price swings. Binance has assured its users that their money is secure, saying the transactions do not seem to be tied to a breach.
However, the 3Commas team said that they were collaborating with the Binance team to resolve the matter. Keys that haven’t been used in more than three months will be deactivated, it added. The data pointed to phishing as a possible explanation for the occurrence. But after hearing concerns on social media, the cryptocurrency exchange announced it would temporarily restrict withdrawals for accounts showing a profit.