BitKeep, a Singapore-based multi-chain decentralized cryptocurrency wallet, has become the latest victim of DeFi hacks, with over $8 million in customer funds reportedly stolen.
BitKeep Suffers $8 Million Exploit
BitKeep, which suffered a $1 million exploit in October when an exploiter gained access to vulnerable smart contracts, has confirmed another hack. This time, around $8 million has been stolen in the ongoing hack.
BitKeep, via its official Telegram handle, reported that the exploit involved a hacked APK version of the BitKeep wallet some users had downloaded. The funds of these users were drained while they were not using their wallets.
According to PeckShield, the blockchain analytics and security company, the amount of stolen crypto is about $8 million in BNB, ETH, USDT, and DAI. The individual involved has moved most of the hacked funds to BNB Chain.
DeFi Remains the Biggest Target for Hackers
2022 has been the worst year yet for crypto, with cybercriminals targeting the decentralized finance (DeFi) sector. PeckShield reported in November that more than $3 billion had been lost to DeFI hacks, more than double 2021’s total.
Some Twitter users have confirmed the hack resulted from individuals using an unofficial BitKeep wallet. The vigilant crypto enthusiasts cited suspicious emails after installing the app. BitKeep has appealed to Binance to freeze the stolen assets as soon as possible.
On the Flipside
- According to BitKeep, the stolen assets will be returned to users if investigations reveal the exploit was due to a fault on the company’s part.
Why You Should Care
BitKeep has emphasized the importance of users transacting only via official applications and websites to avoid losing funds.
Find details about the BitKeep October hack in:
The crypto hacks of 2022 are covered below: