Blog » FTX to Compensate 3Commas Phishing Victims up to $6M.

FTX to Compensate 3Commas Phishing Victims up to $6M.

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The founder and CEO of FTX, Sam Bankman-Fried (SBF), announced on October 24th via Twitter that the exchange would compensate users of the crypto exchange affected by the recent elaborate 3Commas-related phishing attack. Mr. Bankman-Fried capped the compensation at $6 million and clarified that it was a ‘one-time thing’ which would not set ‘a precedent’ for future incidences.

The incident he was referring to was an elaborate phishing attack that targeted 3Commas users and managed to extract their FTX API trading keys from them. The attackers then used the stolen API keys to place unauthorized trades using DMG cryptocurrency trading pairs on the FTX crypto exchange, leading to losses.

In this article, we explore the following:

  • How the phishing attack happened through fake websites masquerading as the 3Commas trading bot platform
  • How a third-party browser extension or malware could have also been used
  • How phishing attacks are becoming more sophisticated
  • How to protect yourself from getting phished

Please read all about it in our blog article through the link below.

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