CoinEfficiency

BitKeep Suffers $1 Million Hack Amid October's Crypto Security Crisis

BitKeep, a popular multichain crypto wallet, has fallen victim to a $1 million hack. This incident is part of a larger wave of crypto hacks in October, with over $718 million stolen in the first two weeks alone.
Published on 2022-10-19

BitKeep Exploit Details

Multichain crypto wallet BitKeep has been hacked for $1 million through an exploit of its swap feature on the BNB Chain. The breach was first identified by blockchain security firm PeckShield, which advised users to revoke token allowances to prevent further damage. The attacker transferred the stolen funds via Tornado Cash, a privacy-focused Ethereum mixer recently sanctioned by the U.S. government.

BitKeep has confirmed the attack but managed to disable the swap feature to halt the hacker's activity. The company has pledged to work with security agencies to trace the attackers and recover stolen assets. Additionally, BitKeep has announced a compensation plan, promising a 100% refund to affected users through a soon-to-be-launched portal.

October's Crypto Hacking Spree

BitKeep is not alone in facing security breaches this month. Over a dozen crypto projects have been hacked in October, with total losses exceeding $718 million in the first two weeks. This makes October the most profitable month for crypto hackers to date.

Notable incidents include:

  • Mango Markets: A Solana-based protocol was drained of $114 million after a hacker manipulated its token. The attacker, self-identified as Avraham Eisenberg, returned $67 million but kept $47 million as a bounty.
  • TempleDAO: An Ethereum-based DeFi protocol lost over $2 million due to technical discrepancies.
  • QANplatform: A layer-1 blockchain suffered a bridge hack, resulting in the theft of over $1 million.
  • Rabby Swap: An Ethereum-based wallet service was exploited, with $200,000 stolen.
  • Binance Chain (BNB): A major hack exploited the BSC Token Hub, a cross-chain bridge, stealing approximately $100 million in tokens.

Implications for Users

The BitKeep exploit highlights the ongoing risks in the crypto space. Users are advised to verify the safety of their funds and remain vigilant. BitKeep's compensation plan, while reassuring, requires users to apply through a portal, indicating that refunds will not be automatic.

This wave of hacks underscores the need for enhanced security measures and user awareness in the cryptocurrency ecosystem.

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