HomeCrypto NewsHacker Drains $8M from User Accounts on DeFi Wallet BitKeep

Hacker Drains $8M from User Accounts on DeFi Wallet BitKeep


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Reports suggest the exploit was masterminded through a hacked APK version of the app, which certain users downloaded.

Users of Singapore-based multi-chain decentralized cryptocurrency wallet BitKeep have suffered an exploit leading to the theft of about $8 million in customer funds. According to BitKeep official, the exploit involved a hacked APK version of the BitKeep wallet, which some users downloaded.

The incident is the latest in a line of hacks the cryptocurrency scene has suffered of late, including the recent Ankr Protocol hack and the FTX exploit, which occurred after the exchange suffered a shock implosion last month.

Blockchain security platform Peck Shield first highlighted the development in a recent tweet.

The funds drained include 4,373 BNB valued at $1.06M against prevailing rates, $5.4M worth of Tether USD (USDT), 196K DAI, and 1,233 ETH valued at $1.5M as of press time, data from Peck Shield suggests. The individual involved has moved most of the hacked funds to BNB Chain.

Per an announcement on the official BitKeep Telegram channel, the platform has appealed to Binance officials to freeze the stolen assets as soon as possible. BitKeep has also promised to refund the stolen assets if investigations reveal the exploit was due to a fault on their part.

The Crypto Industry has Suffered Several Hacks this Year

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This would not be the first hack targeting BitKeep this year, as the Web3 wallet suffered a similar incident in October, which resulted in the loss of $1M in assets. The hacker had exploited a swap vulnerability within the app, with the hack occurring on the BNB Chain. BitKeep also promised to reimburse affected users fully.

Besides BitKeep, other crypto entities have suffered several exploits this year as the industry witnesses a wave of hacks resulting in billions in losses. These include the BNB bridge exploit of October and the Solana wormhole bridge hack in February.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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