$1M Stolen In BitKeep Wallet Hack

BNB Chain and Polygon-based tokens worth $1 million were siphoned off in the hack that took place in the early hours of Tuesday. 

Swap Feature Targeted In Hack

Early on Tuesday, malicious actors targeted the crypto wallet’s Swap feature to siphon off tokens worth a million dollars. The attack was first detected by blockchain security firm PeckShield, which brought it to the attention of the community on Twitter and urged users to revoke approvals to the wallet. Soon after, the BitKeep team acknowledged the hack on Twitter, writing,  

“Dear BitKeep Swap user, BitKeep Swap was hacked, and our development team has managed to contain the emergency. The hacker has been stopped. The attack happened on BNB Chain, causing a loss of about $1 million.”

Team Announces Safety Measures

The team has also tweeted out measures taken to get control of the situation. Firstly, they temporarily suspended the Swap service to prevent further losses. Secondly, the team is working closely with major security agencies and law enforcement in order to track down the individuals responsible for the hack and recover the stolen funds. Thirdly, they also announced that the users who were targeted in the attack would be compensated for their losses, more details to be revealed later. It has been since then revealed that the company will be launching a compensation portal, where victims of the exploit can apply for a refund of their lost assets. 

Appeals To The Community

Finally, they also called upon the community to help identify the perpetrators to retrieve the stolen assets and promised rewards to individuals who could contribute significantly in this regard. The team has also apologized for the security breach, tweeting,

“BitKeep sincerely apologize for the inconvenience caused. We will cooperate with security agencies in the industry to strengthen the security of BitKeep Swap and ensure the safety of users’ assets. Please stay tuned for more details.”

In addition, the wallet is also launching a Safety Assurance feature that enables users to run a quick and thorough check to detect any over-authorized dApps or other security risks caused by Swap transaction authorizations. 

Hacktober Continues

The month of October, which is now being referred to as Hacktober, has seen some of the worst exploits in the crypto space. DeFi protocols have been targeted in particular, as a whopping $718 million has been lost in DeFi hacks in 2022 thus far. The recent Mango Market exploit saw a loss of $114 million worth of crypto assets, whereas around $100 million were lost in the cross-chain bridge hack of the BNB Chain. A couple of weeks ago, Bitcoin-based DeFi protocol Sovryn suffered a major exploit, resulting in a loss of $1.1 million. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.