BitKeep Wallet Swap on BNB Chain Lost Over $1 Million in Hack

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Earlier today, October 18, another wallet sway, BitKeep, became a victim of notorious hacks while losing more than $1 million. The BitKeep wallet was quick to inform all of its users. BitKeep further added that its development team has swung into action to contain the reach of the hacker.

The attack took place on the BNB Chain while BitKeep has also promised to make the full payments. Besides, the wallet swap facility has also initiated a few measures following the hack.

For now, BitKeep has suspended its services to ensure that there are no more asset security issues. Also, its team is communicating and cooperating with other security agencies to track down the hackers. The BitKeep team is working on tracking down the hacker in order to recover the stolen assets.

As said, BitKeep will reimburse all the affected users the full amount. However, it will announce the specific plan of reimbursement later. The wallet swap facility further stated

It will “Encourage people who can assist in identifying the hackers and recovering the stolen assets to contact us. You will be highly rewarded. Thank you in advance”.

BitKeep stated that it will keep its user updated with further details on the matter.

Wallet Hacks in DeFi Space

Wallet hacks in decentralized finance (DeFi) have increased sharply over the last year. Earlier this month, a multi-chain decentralised exchange (DEX) aggregator TransitSwap lost more than $21 million to a hacker exploiting an internal fault in a swap contract.

Similarly, a Solana-based DeFi protocol Mango Market lost more than $100 million with hackers exploiting a cross-bride connecting BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC).

Hacks and exploits in the month of October have reached the peak of 2022. As per the Chainalysis report: “October is now the biggest month in the biggest year ever for hacking activity. So far this month, $718 million has been stolen from #DeFi protocols across 11 different hacks”.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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