Most recent AXS pump has nothing to do with whales or speculation; only reason behind it is API key leak
Following the recent suspicious hack of the FTX exchange, Binance users with large portfolios on the exchange reported that someone gained access to their accounts and placed a massive order on AXS tokens, purchasing $1 million of the digital asset. Although, binance There is no fault.
In a Twitter thread, the CEO of the exchange himself posted his concern about the situation and stated that Binance is trying to understand what might be the issue. Shortly after, CZ came up with an explanation, confirmed by the user, who almost lost his funds.
The crux of the problem is Binance’s API keys which are used to place orders through various accounts, managed solutions like trading bots or platforms that have more advantages than traditional trading desks.
The Skyrex crypto trading bot was the solution used by the Binance user who had to close an unwanted position of AXS. However, the API leak might not be tied to the project but to the user himself, who could have accidentally leaked it. If Skyrex is the source of the leak, users should immediately revoke APIs through their account setting on Binance to avoid potential issues with their accounts.
According to CZ’s statement, they will deactivate all API keys used by Skyrex even without action from their users to avoid further escalation of the leak. Reportedly, only one account fell victim to the hackers, but it is unclear whether they gained access to other key users’ funds.
At press time, the token purchased by hackers has returned to its usual trading range regardless of the massive 171% spike.
