Hacker withdrew $1 million from BitKeep wallet using swap feature

Crypto wallet provider BitKeep Wallet has become the latest victim of an endless wave of DeFi hacks this month.

Blockchain security firm PeckShield first raised the alert on Twitter late Monday, and BitKeep posted an update on the incident early Tuesday.

After alerting the public, the security company asked users to follow some steps to ensure the safety of their funds. The steps included linking their wallet to revoke.cash and revoking the Ethereum token, if any.

BitKeep Confirms Million Dollar Hack

Hours later, BitKeep most dangerous That their development team stopped the hacker and “managed to contain the emergency”. The crypto wallet provider notes that the exploit occurred on the BNB chain, a blockchain that lost about $100 million in a bridge hack earlier this month.

The platform added that it had taken some measures, including shutting down the exchange service, to prevent further attacks. The wallet provider will also work with security agencies to track down the hacker and recover stolen assets with the promise of rewarding anyone who can help identify the thief.

BitKeep has promised to compensate the affected users even though the compensation plan has not been published.

Welcome to Hacktober

The $1 million BitKeep Wallet hack is just one of many feats that took place in the first two weeks of October. according to ReportsMore than $700 million was stolen from DeFi platforms in 11 different hacks this month.

Hacktober started when Decentralized Cross Chain Exchange (DEX) Transit Swap Lost About $23 million in crypto on October 2nd. While the platform recovered a large part of the stolen funds after negotiating with the hacker, other platforms that lost money to the hackers were not so fortunate to recover the stolen assets.

TempleDAO, Mango Markets, and QANplatform They also lost $2.34 million, $100 million, and $1 million in the past few weeks through several DeFi hacks.

The post Hacker Drains worth $1 million from BitKeep wallet in Swap Feature Exploit first appeared on CryptoPotato.

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