BitKeep Swap

BitKeep Swap Exploited For More Than $1 Million

  • BitKeep Wallet, a prominent digital asset wallet in Asia, has been exploited as per blockchain security and data analytics company PeckShield.
  • The attack happened on the BNB chain and the wallet has lost over $1 million to the hackers.
  • The wallet has suspended Bitkeep Swap service to avoid any further attack and to ensure that there are no other asset security issues.

Renowned digital asset wallet in Asia, BitKeep Wallet, has recently confirmed that it has been under attack. According to blockchain security and data analytics company PeckShield, the hack has drained around $1 million from BitKeep.

Earlier today, BitKeep confirmed the hack on Twitter and informed its users that the development team has contained the emergency and stopped the hacker. According to the company, “the attack happened on BNB Chain, causing a loss of about $1 million.”

It is important to note that the wallet has suspended Bitkeep Swap service to avoid any further attack and to ensure that there are no other asset security issues. Moreover, BitKeep said that it is actively communicating and cooperating with major security agencies to track down the hackers and recover the stolen funds.

Fortunately, the wallet platform has already world on a specific plan to reimburse the users who suffered losses, and the details regarding the same will be announced soon.

The announcement further reads:

“We 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.”

In a tweet, PeckShield suspected that the hacker took advantage of a swap/router of the multi-chain wallet, which combines the wallet, swap, non-fungible token (NFT) market, and decentralized application (DApp) browser in one place.

To prevent further losses, users of the wallet are encouraged to revoke access to the wallet. This can be done by linking the wallet to PeckShield’s Revoke.Cash platform and revoking permission for all tokens in the wallet, even those that are unregistered.

PeckShield singled out one of the hack’s token transfers through the BNB network, in which the hacker moved over 190 tokens. Notably, BitKeep Wallet, which claims to have more than 6 million users, supports over 70 mainnet chains, such as Bitcoin, Ethereum, and Polygon.

The BitKeep Wallet hack joins the list of record number of hacks that happened in October this year. Recently, Solana-based DeFi protocol Mango Markets suffered a loss of $100 million in an exploit. 

According to the data by SlowMist Hacked, hackers have already stolen around $3.3 billion worth of crypto assets this year so far.

As rightly pointed out by blockchain analysis firm Chainalysis, 2022 has become one of the worst years for the crypto market as investors have witnessed some of the worst exploits in the recent history. Moreover, October has been the worst year for the crypto industry with 11 hacks being implemented and over $718 stolen million from DeFi platforms and cross chain bridges, excluding BitKeep Wallet exploit.

Parth Dubey
Parth Dubey Verified Author

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

Latest News