Amid news of increasing institutional adoption of crypto and regulatory approval, another hack left the crypto community shocked. The latest update saw the BNB chain-based crypto wallet, BitKeep, get exploited for $1 million.
According to blockchain security and data analytics firm PeckShield, the hacker exploited BitKeep’s swap/router feature on the BNB chain to drain funds. Following this, BitKeep’s official Twitter handle acknowledged the issue and updated the users on recovery measures.
While suspending the swap service, BitKeep also sought help from major security agencies to track down the hackers and recover the stolen assets. Furthermore, the company clarified that users who suffered losses in the hack will be fully reimbursed. The crypto wallet firm requested the community to assist them in identifying the hackers and to recover the stolen assets in exchange for a heavy-duty bounty.
BitKeep is a multi-chain crypto wallet that users often utilize to trade tokens across chains. This function is also known as swapping. However, the swap feature, along with bridge exploits, has emerged as easy targets for hackers in the crypto domain.
Earlier this month, CoinSwitch reported that the BNB chain faced an exploit on its cross-chain bridge worth about $100 million. The cross-chain exploit was made possible through the BSC Token Hub, resulting in the creation of “extra BNB.” This, in turn, fooled the community members about the actual amount of user funds that the system contained.
Close on the heels of the exploit, the BNB Chain announced a temporary pause to operations caused by “irregular activity” on the blockchain. Nevertheless, Binance CEO Changpeng Zhao soon acknowledged and apologized for the exploit.
Additionally, CoinSwitch coverage recently unveiled that 2022 witnessed a large number of crypto hacks as pointed out by a Chainalysis report. In fact, October itself saw a substantial hike in hacking activity with $718 million in stolen funds from DeFi protocols across 11 different hacks just half way into the month.
