WEB3
by BSCN
October 22, 2022
What are the next steps after the $1 million BitKeep exploit? How can investors reduce the risks of exploits? Learn more within this article!
BitKeep, a wallet provider, was hacked on Oct. 18 and lost more than $1 million. The project revealed the next steps after this exploit and will reimburse everyone impacted by this hack.
Following the incident, the wallet swap service has taken a few measures.
BitKeep temporarily suspended its services to prevent further threats to asset security. The project’s team is cooperating and consulting with other security authorities to recover the stolen funds. Moreover, all victims will be fully reimbursed. Lastly, the project incentivizes everyone to help identify the hackers and recover the assets by providing a reward to helping hands.
📢 Your crypto assets in BitKeep Wallet are secured. Users who suffered loss in the BitKeep Swap security incident will be fully compensated.
— BitKeep Wallet (@BitKeepOS) October 18, 2022
A thread 🧵
Investors affected by the exploit can apply for the compensation plan through an online portal launched Oct. 21.
In recent years, Decentralized Finance (DeFi) wallet hacks have increased dramatically. For example, TransitSwap, a multi-chain DEX aggregator, lost more than $21 million earlier this month due to a hacker exploiting an internal vulnerability in a swap contract.
Similarly, Mango Market, a DeFi protocol based on Solana, lost more than $100 million after a hacker increased the MNGO token's price by 5-10 times due to low liquidity.
And, of course, there was this month’s massive $580 million BNB bridge exploit, where hackers essentially were able to mint themselves 2 million new BNB of which, at last count, about $100 million worth was not yet recovered.
As a cryptocurrency investor, it is best to keep only a small amount of your holdings in an online hot wallet, like BitKeep, to reduce potential risks associated with holding coins in such wallets. A significantly safer way to store coins is by using an offline cold wallet with private key backups.
It is wise for investors to consider carefully where they are holding their virtual assets.
Latest News
2h : 42m ago
Who Is the Mysterious Hyperliquid Whale?
4h : 57m ago
PumpFun Introduces PumpSwap to Challenge Raydium
March 20, 2025
BNB Analysis: Massive Growth and Outperforming BTC
March 20, 2025
Pi Network Launches New Two-Factor Authentication Process
March 20, 2025
How To Choose A Crypto Wallet in 2025 - Top 7 Wallets [Ultimate Guide]
March 20, 2025
The First Ever Solana ETF in the US: What to Know
March 20, 2025
Uniswap Approves $165.5M Growth Plan – How it Matters
March 20, 2025
US SEC Drops Ripple Lawsuit: What it Means