BitKeep Wallet Suffers $1M Worth Hack After Attackers Exploited DailyCoin’s Swap Feature

BitKeep Wallet Suffers $1M Worth Hack After Attacker Exploited Swap Feature

Multichain crypto wallet BitKeep has suffered a $1 million hack after an anonymous exploit of its swap feature on the BNB chain.

Blockchain security firm PeckShield was the first company to report the hack, recommending users to use the Revoke tool to stop all token approvals and prevent further damage.

The attacker has since transferred the stolen funds through Tornado Cash, an Ethereum-based privacy-focused fund mixer that was recently sanctioned by the US government.

BitKeep has confirmed the attack but revealed that they were able to stop the attacker by disabling the swap feature. The company’s next steps will be to “communicate and cooperate with key security agencies to track down the hackers and do our best to recover the stolen assets.”

BitKeep has also published a plan to compensate victims, stating that a compensation portal will be launched within three business days. Affected users can request a 100% refund.

The team behind the crypto wallet has also introduced a wallet security backup feature as well as a one-tap repair feature.

BitKeep is one of the most popular crypto wallets on the market with more than 6 million users worldwide with the majority of its customer base residing in Asia.

The hacking frenzy continues

BitKeep joins nearly a dozen crypto projects hacked in October. According to Chainalysis, hackers stole more than $718 million in the first two weeks alone, which is enough to make October the most profitable month for crypto hackers.

In an unfortunate event on October 11, four attacks took place, the worst of which took place on Mango Markets, a Solana-based decentralized protocol, when $114 million was stripped from it after a hacker manipulated its token.

The hacker, who posed as Avraham Eisenberg on Twitter, has since returned $67 million to the protocol but kept $47 million as a bounty — one of the largest such rewards in crypto history.

Another victim was TempleDAO, a yield farming based DeFi protocol that lost over $2 million due to some technical inconsistencies in the protocol.

Layer 1 blockchain QANplatform followed suit, suffering a bridge hack that resulted in the theft of more than $1 million. Hackers also targeted Ethereum-based wallet service Rabby, which saw its Rabby swap feature exploited and siphoned off around $200,000.

Before these attacks, Binance Chain (BNB) had also suffered a major hack. At the event, the perpetrator stole approximately $100 million worth of tokens after exploiting the BSC Token Hub – a cross-chain bridge between the BNB Smart Chain and the BNB Beacon Chain.

On the flip side

• It is unclear how the hacker was able to carry out the exploit.
• The refunds promised by BitKeep are not automatic and users must first apply through a compensation portal to be considered.

Why you should care

The BitKeep exploit is just one of dozens of hacks that emerged in October. Users should verify that their funds are safe wherever they keep them.

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Mango Markets (MNGO) initiates a vote to compensate victims of $114 million exploit

DeFi hack season continues as TempleDAO (TEMPLE) and Mango Markets (MNGO) lose over $100 million

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