Potential security threat prompts Binance to revoke SignalPlus API keys

• Potential security threat prompts Binance to revoke API keys linked to institutional-grade platform SignalPlus.
• Users of SignalPlus have been advised to check their positions by logging in to Binance directly.
• Other crypto exchanges should revoke API keys associated with SignalPlus, Binance co-founder Changpeng Zhao has urged.

A potential security threat prompted Binance, the largest cryptocurrency exchange, to revoke Application Programming Interface (API) keys associated with SignalPlus, a third-party institutional-grade technology firm. Announcing the decision on Thursday, Binance described it as a precautionary step.

Binance confirms its systems are unaffected

Customers’ funds are safe and Binance’s systems remain unaffected, the exchange assured users. It advised those using SignalPlus to access their Binance accounts directly to check their positions and open orders. Users were also asked to enable wallet whitelisting and avoid relinking any API keys until SignalPlus confirms that the potential security issue has been fully resolved.

Binance has also asked third-party platforms integrated with the exchange to assess their security controls and watch for unusual activity. They should contact Binance immediately if they identify any concerns.

Although Deribit said it had found no evidence of any compromise to its systems or data, it too revoked SignalPlus API keys as a precaution. Users were nevertheless advised to check their positions and open orders, and to await confirmation from SignalPlus that the potential security threat had been neutralised.

Other exchanges have since been urged to revoke API keys associated with SignalPlus by Binance co-founder Changpeng Zhao, widely known as CZ.

CZ offered this advice: “It is generally recommended that you do not store your API keys with any 3rd party platform,”

Last week’s hack on Binance’s platform, which affected roughly $6.3 billion, provides the backdrop to its precautionary withdrawal of SignalPlus API keys. TraderTraitor, a hacker group linked to North Korea, was widely blamed for the breach. Binance absorbed all the losses, a step viewed as part of its efforts to build trust. Earlier this week, reports indicated that panic-driven outflows following the resumption of withdrawals had eased, with Binance recording net inflows.