Binance hacked — API keys disabled | Trailingcrypto

All Trailingcrypto users are advised to immediately revoke their existing API keys and configure new ones.

Many crypto investors have probably not given it enough thought. The exchanges have implicitly made us believe that as far as your API keys are disabled for withdrawal, it will be hard for anyone to move your funds. But recent hacks are beginning to make it clear that the new target of attackers is traders’ API keys. This especially goes for traders and investors that use bots and different cloud-based services to manage their accounts.

It appears that hackers were able to compromise several high-net-worth accounts, whose bitcoin was kept in Binance’s so-called hot wallet — which, unlike cold wallets, are connected to the internet — and filch those funds in a single transaction

This post was put up for educational purposes to make investors aware of the risks associated with exposing their trading API keys to non-secure and non-trustworthy 3rd party services or bots. To protect yourself against losses from API key compromisation or phishing attacks, always make sure you:

• Setup Two-Factor Authentication (2FA) on all your exchange accounts.
• Setup your IP whitelist to allow only trusted IP addresses to access your account.

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