diff --git a/apps/explorer/lib/explorer/account/api/key.ex b/apps/explorer/lib/explorer/account/api/key.ex
index 7f286ee823..8b20283a16 100644
--- a/apps/explorer/lib/explorer/account/api/key.ex
+++ b/apps/explorer/lib/explorer/account/api/key.ex
@@ -24,6 +24,8 @@ defmodule Explorer.Account.Api.Key do
 
   @attrs ~w(value name identity_id)a
 
+  @user_not_found "User not found"
+
   def changeset do
     %__MODULE__{}
     |> cast(%{}, @attrs)
@@ -35,14 +37,63 @@ defmodule Explorer.Account.Api.Key do
     |> validate_required(@attrs, message: "Required")
     |> validate_length(:name, min: 1, max: 255)
     |> unique_constraint(:value, message: "API key already exists")
-    |> foreign_key_constraint(:identity_id, message: "User not found")
+    |> foreign_key_constraint(:identity_id, message: @user_not_found)
     |> api_key_count_constraint()
   end
 
+  @doc """
+  Creates a new API key associated with an identity or returns an error when no identity is specified.
+
+  When `identity_id` is provided in the attributes, the function acquires a lock on the
+  identity record and creates a new API key within a transaction. If the identity is not
+  found or if the changeset validation fails, returns an error.
+
+  When `identity_id` is not provided, immediately returns an error with an invalid
+  changeset.
+
+  ## Parameters
+  - `attrs`: A map of attributes that may contain:
+    - `identity_id`: The ID of the identity to associate the API key with
+    - `name`: The name for the API key (required, 1 to 255 characters)
+    - `value`: Optional. If not provided, will be auto-generated using UUID v4
+
+  ## Returns
+  - `{:ok, api_key}` if the API key was created successfully
+  - `{:error, changeset}` if validation fails or when no identity is provided
+  """
+  @spec create(map()) :: {:ok, t()} | {:error, Changeset.t()}
+  def create(%{identity_id: identity_id} = attrs) do
+    Multi.new()
+    |> Multi.run(:acquire_identity, fn repo, _changes ->
+      identity_query = from(identity in Identity, where: identity.id == ^identity_id, lock: "FOR UPDATE")
+
+      case repo.one(identity_query) do
+        nil ->
+          {:error,
+           %__MODULE__{}
+           |> changeset(Map.put(attrs, :value, generate_api_key()))
+           |> add_error(:identity_id, @user_not_found,
+             constraint: :foreign,
+             constraint_name: "account_api_keys_identity_id_fkey"
+           )}
+
+        identity ->
+          {:ok, identity}
+      end
+    end)
+    |> Multi.insert(:api_key, fn _ ->
+      %__MODULE__{}
+      |> changeset(Map.put(attrs, :value, generate_api_key()))
+    end)
+    |> Repo.account_repo().transaction()
+    |> case do
+      {:ok, %{api_key: api_key}} -> {:ok, api_key}
+      {:error, _failed_operation, error, _changes} -> {:error, error}
+    end
+  end
+
   def create(attrs) do
-    %__MODULE__{}
-    |> changeset(Map.put(attrs, :value, generate_api_key()))
-    |> Repo.account_repo().insert()
+    {:error, %__MODULE__{} |> changeset(Map.put(attrs, :value, generate_api_key()))}
   end
 
   def api_key_count_constraint(%Changeset{changes: %{identity_id: identity_id}} = api_key) do
diff --git a/apps/explorer/priv/account/migrations/20241121140138_remove_abused_api_keys.exs b/apps/explorer/priv/account/migrations/20241121140138_remove_abused_api_keys.exs
new file mode 100644
index 0000000000..c4fe2b74a5
--- /dev/null
+++ b/apps/explorer/priv/account/migrations/20241121140138_remove_abused_api_keys.exs
@@ -0,0 +1,20 @@
+defmodule Explorer.Repo.Account.Migrations.RemoveAbusedApiKeys do
+  use Ecto.Migration
+
+  def up do
+    execute("""
+    WITH ranked_keys AS (SELECT value,
+                                identity_id,
+                                inserted_at,
+                                ROW_NUMBER() OVER (
+                                    PARTITION BY identity_id
+                                    ) as row_number
+                        FROM account_api_keys)
+    DELETE
+    FROM account_api_keys
+    WHERE value IN (SELECT value
+                    FROM ranked_keys
+                    WHERE row_number > 3)
+    """)
+  end
+end