Earlier today, October 18, another wallet, BitKeep, fell victim to infamous hacks while losing more than $1 million. The BitKeep wallet quickly informed all of its users. BitKeep added that the development team has taken action to limit the hacker’s reach.

The attack took place on the BNB Chain, while BitKeep has also pledged to make full payments. In addition, the wallet swap facility also took some measures after the hack.

For now, BitKeep has suspended its services to ensure there are no more asset security issues. The team is also communicating and collaborating with other security agencies to track down the hackers. The BitKeep team is working to track down the hacker to recover the stolen assets.

As mentioned, BitKeep will refund all affected users in full. However, it will disclose the specific repayment plan later. The wallet swap facility further mentioned

It will “encourage people who can help identify the hackers and recover the stolen assets to contact us. You will be highly rewarded. Thanks in advance”.

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

Wallet Hacks in DeFi Space

Wallet hacks in decentralized finance (DeFi) have been on the rise in the past year. Earlier this month, a multi-chain decentralized exchange (DEX) aggregator TransitSwap lost more than $21 million to a hacker who exploited an internal flaw in a swap contract.

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

Hacks and exploits in the month of October have peaked in 2022. According to the Chainalysis report, “October is now the biggest month in the biggest year on record 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 has a good flair in understanding financial markets. His interest in economics and finance draws his attention to 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 his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.





This post BitKeep Wallet Swap On BNB Chain Lost Over $1 Million In Hack

was published first on https://coingape.com/this-bnb-chain-based-wallet-swap-facility-hacked-for-more-than-1-million/

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