Binance Decides To Deactivate The Account Of A Trader

Binance, a cryptocurrency exchange, terminated a trader’s account on December 9 in response to a user’s complaint about the exchange’s handling of an alleged theft of funds. Binance CEO Changpeng “CZ” Zhao said that the company does not want to work with customers that are “unreasonable.”

On December 8, a person on Twitter going by the handle of CoinMamba began to protest about the stolen fund. This user said that a leaked API key connected to the cryptocurrency trading business 3Commas was used “to execute trades on low cap coins to drive up the price to earn profit.”

CZ revealed in another tweet that it was contemplating placing the user’s account “in off boarding (withdrawal only mode),” adding that “we don’t want to serve those who are difficult,” as the user continued to protest on the social media site. Even if the tweet was removed at a later time, a screenshot of it can still be seen in the conversation. After that, the user’s account was terminated, and they had three days to withdraw their money.

According to tweets sent by users, 3Commas has denied any kind of hack on its protocols and databases. As a result, the company does not bear any liability for the stolen API credentials. According to 3Commas support, “Based on the information we have today, we have discovered that no encryption mechanisms have been found to be breached and that there have been no breaches of 3Commas’ account security databases.”

On November 13, the CEO of Binance stated that at least three individuals had their accounts affected by unauthorised transactions after exchanging their API Key with the third-party services Skyrex and 3Commas. After that, he suggested to users that they destroy any associated API keys.

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