Reports say that the exploit was set up by sending a group of users an APK version of the app that had been hacked.
BitKeep, a Singapore-based multi-chain decentralized cryptocurrency wallet, has been exploited, resulting in the loss of about $8 million in user funds. A BitKeep representative said that when some users downloaded an APK version of the BitKeep wallet that had been hacked, they were open to an attack.
After the shocking implosion of the FTX exchange last month, this incident is the latest in a string of hacks that have plagued the cryptocurrency scene recently.
In a recent tweet, blockchain safety platform Peck Shield brought attention to the change.
According to Peck Shield data, the stolen funds include 4,373 BNB worth $1.06M at current exchange rates, $5.4M worth of Tether USD (USDT), 196K DAI, and 1,233 ETH worth $1.5M at press time. The perpetrator has apparently transferred the bulk of the stolen money to BNB Chain.
A message on the BitKeep Telegram channel says that the platform has asked Binance to freeze the stolen funds as soon as possible. In the event that the exploit can be traced back to a mistake on the part of BitKeep, the company has also promised to reimburse the stolen funds.
The Crypto Industry has Suffered Several Hacks this Year
A similar hack on the Web3 wallet in October resulted in the loss of $1 million in assets, so this wouldn’t be the first time BitKeep has been hacked this year. The app’s swap vulnerability was exploited, and the BNB Chain was compromised. BitKeep has guaranteed full compensation for affected users.
This year has seen a wave of hacks in the cryptocurrency industry, resulting in billions of dollars in losses, and BitKeep is just one of the many crypto entities that have been attacked. Some examples are the BNB bridge hack in October and the Solana wormhole bridge hack in February.
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