BitKeep Crypto Wallet Exploited for $1 Million – Here’s What You Need to Know

Goran Radanovic
Last updated: | 1 min read

Crypto hacks are becoming more common, and the latest victim is BitKeep – crypto wallet that supports more than 30 blockchain networks. 

During the early hours of Tuesday morning, BitKeep announced that its Swap product had been hacked of $1 million of BNB Chain and Polygon-based tokens. The company tweeted that its development team had managed to stop the hacker.

BitKeep also tweeted that it had suspended the Swap service to prevent any further security breaches. Blockchain security and analytics data company PeckShield stated that the hackers had exploited the swap/router of the multi-chain wallet – integrating several features in one location. 

PeckShield informed BitKeep investors that they should use its Revoke.Cash platform to ensure they do their part in preventing hackers from stealing any other funds. The blockchain security company discovered that the hacker had transferred 190 tokens via the Binance Smart Chain network.

Fortunately for investors, BitKeep is adamant about keeping investor funds safe. While several hacked crypto companies haven’t compensated investors for losses, BitKeep is taking a different approach.

BitKeep Wallet tweeted that users’ assets are secure and those that suffered losses in the Swap security incident will be fully compensated. The wallet provider will launch a compensation portal within 3 working days for victims to apply for a refund. The provider also stated that it will compensate 100% of the stolen assets.

Crypto investors have every right to feel jittery about their assets because 2022 has proved to be a doozy. Reports reveal that crypto hackers have looted over $3 billion. If that wasn’t bad enough, October has set the record for the highest total amount hacked in one month.

It’s believed that more than $700 million has been stolen from DeFi protocols in October. And the worst part is that we still have almost two weeks until November.