An anonymous hacker stole $1 million in Binance Coin (BNB) tokens from Bitkeep’s token swap service and routed the funds through Tornado Cash, according to a tweet from Bitkeep on Monday.
Tokens from more than 30 blockchain networks including BNB Chain, Ethereum, Solana and Polygon are supported by Bitkeep.
Bitkeep to Take Security Measures
Bitkeep has assured the affected customers will regain what they lost and has said the attack has been successfully contained.
“Your crypto assets in Bitkeep Wallet are secured,” the tweet read. “Users who suffered loss in the Bitkeep Swap security incident will be fully compensated.”
Peckshield, a blockchain security and data analytics company, was the first to announce this on Twitter and reached out to victims to give them a series of steps to take.
Bitkeep also posted a detailed game plan in its Twitter thread about the next steps on the issue to ensure this doesn’t happen again. They also stated that there will be a compensation plan for victims to apply for a refund within three business days.
Suspending the Bitkeep Swap service from further attacks was the first item on the list. Next, Bitkeep assured its users that a safety assurance feature would be added along with a one-tap repair feature. They then plan to identify the cybercriminal or criminals responsible for this commotion. Then comes the reimbursement.
Bitkeep encourages those who can help in tracking down the hackers to reach out.
This is not the first time Asia’s most popular cryptocurrency wallet has been attacked–though it’s not as severe. The first time came in October 2018 when Bitkeep was hacked for $100 million.
Security exploits like this are nothing new–they happen often.
This month alone has now become the worst month in the history of cryptocurrencies for attacks like this. The crypto-related crimes for October have tallied over $718 million in losses, according to Chainalysis.
In terms of Bitkeep, Peckshield informed investors that they should use the Revoke.Cash platform prevent hackers from doing this again.
Many crypto companies have failed at compensating investors for their losses due to security breaches. Fortunately, Bitkeep is implementing a different approach to ensuring it isn’t one of them.