Earlier today, on October 18, a cryptocurrency wallet operating on the Binance network fell victim to the hack. BitKeep lost more than $1 million. The team behind the BitKeep wallet quickly notified all its users. The platform also added that the development team has taken action to take control of the hacker’s access. Here are the details…
Wallet service operating on Binance network hacked
Bitkeep, the wallet service operating on BNB Chain, lost $1 million. The attack took place on BNB Chain. BitKeep promised users to make full payments. Also, the wallet swap service launched several measures after the hack. BitKeep has suspended its services for now to ensure there are no asset security issues. Also, his team is communicating and collaborating with other security agencies to track the hacker(s). The BitKeep team is trying to track down the hacker to recover the stolen assets.
3/4 3⃣Reimburse users who suffered losses (full amount; the specific plan will be announced later)
4⃣Encourage 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 Wallet (@BitKeepOS) October 17, 2022
As said, BitKeep will refund the full amount to all affected users. However, it will announce its specific repayment schedule later. “We encourage anyone who can help identify hackers and recover stolen assets to contact us. You will be greatly rewarded. Thank you in advance,” he added. BitKeep stated that it will keep its user updated by providing more details on the matter.
The number of wallet hacks continues to rise
Wallet attacks in the decentralized finance (DeFi) space have increased sharply over the past year. For example, TransitSwap was hacked earlier this month, as we also reported on Cryptokoin.com. TransitSwap, a multi-chain decentralized exchange (DEX) aggregator, lost $21 million to the hacker who exploited an internal error in a swap contract.
Similarly, Mango Market, a DeFi protocol based on Solana, was hacked. More than $100 million was lost when hackers exploited a cross bridge connecting BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC). The attacks in October reached the peak of 2022. This was also mentioned in the Chainalysis report. The platform stated that October was very busy in terms of hacker activity. This month, a total of $718 million has been stolen from DeFi protocols as a result of 11 different attacks so far.
The cryptocurrency market has been facing the hacking problem for a long time. However, the nature of hacks has changed. In 2019, centralized exchanges were the most vulnerable to attacks. However, over the past year, decentralized finance (DeFi) exchanges have been the biggest victims of crypto attacks. Chainalysis also adds that 2022 will surpass 2021 in terms of record-breaking crypto hacks. So far in 2022, hackers have managed to steal more than $3 billion in a total of 125 attacks this year.
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