Binance Appears Third-Party API Hacked, AXS Price Pump 3x

Despite the general market turmoil, the price of AXS suddenly pumped 3 times stronger on Binance and quickly dropped sharply shortly after.

To explain this, a Binance account claimed to be hacked, and the hacker used the account for nearly $1.5 million, causing the AXS price to spike last night.

This user explained that despite going through many steps of the exchange security verification and ensuring no one had access to the account, he was still hacked to take control. The exchange support team quickly reached out to the user’s post, asking for assistance and clarifying the incident.

On the morning of November 14, Binance CEO Changpeng Zhao stated that the cause of the incident stemmed from a third-party API, Skyrex and 3commas, and CZ encouraged users to delete them in case something similar happened.

CZ admits there have been at least three similar cases on Binance affecting TVK, CVX, and ACM tokens.

This incident took many users by surprise as Binance is one of the leading crypto exchanges today, if not the safest crypto exchange to date. It seems that after the collapse of FTX, many CEX exchanges have also begun to reveal weaknesses in how users manage their assets, for example, Crypto.com and Gate.io recently made many people suspicious about transferring reserve assets to each other.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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