BitKeep wallet ran out of $1M after hacker exploited swap feature

A hacker took $1 million out of BitKeep by taking advantage of its swap facility, and the company says it will reimburse the victims out of pocket. This October has been particularly bad, recording huge growth DeFi Hack and exploit.

bitkeep purse The attack has taken place, in which a hacker took advantage of the swap facility to withdraw about $1 million from it. blockchain Security The company PeckShield was the first to draw attention to the hack, asking users to follow a series of steps to make sure they were safe.

BitKeep provided its update on October 18, saying that the development team had managed to get the emergency under control. It was also noted that the attack took place on the BNB chain. It is also not the first time that the chain was compromised after an attack this month $100 million In the first week of October.

The wallet provider has outlined a number of measures to prevent further damage and bring the hackers to justice. They have suspended the BitKeep swap service to ensure that no other security issues exist and are also working with security agencies to track down the hackers.

The company will reimburse users who have lost funds, but the specifics of the plan have yet to be released. BitKeep will provide more details as it learns more about the attack.

Swap Features and Bridge Common Attack Points

bitkeep is a crypto wallet which supports multiple series and is often used in DeFi space. Users can trade their tokens on-chain, which they find convenient for DeFi usage.

However, swap functionality can be vulnerable to attacks and this is not the first time that a hacker has exploited swap. Most recently, transit swaps were attacked in early October.

There have been several attacks on bridges over the years, and in 2022 there have been many more attacks – including wormholes and . Are included ronin, These have been increasingly prime targets for bad actors.

DeFi hack extended to 2022

Hacking piracy has really increased this year. More than $3 billion has already been stolen from the market, according to a blockchain security firm Chainalysis, In October alone, $718 million was stolen from the DeFi protocol during 11 hackers. Chainalysis has also reported that DeFi was responsible To increase hacks.

certike has said that a good number of attackers in 2021 were due to centralization issues. This year, the theme is Bridge Attack, which has caused major damage to Harmony’s Horizon Bridge and Nomad Bridge.


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