hacker used the swap feature to drain approximately $1 million from the platform’s wallet. PeckShield, a blockchain security company, was the first to attract attention to the exploit, asking users to follow a number of steps to ensure their safety.

On October 18, BitKeep issued its own update, stating that the development team had successfully contained the emergency. It was also mentioned that the attack occurred on the BNB Chain. This is not even the first time this month that this chain has been compromised; in the first week of October, an attacker harnessed $100 million.

The wallet provider has laid out a plan to limit further damage and introduce the attacker to justice. They have postponed the BitKeep Swap service to guarantee that there are no other security issues, and they are also collaborating with law enforcement to find the hacker.

The company intends to reimburse users who have lost money, but the plan's details have yet to be announced. As BitKeep learns more about the attack, it will provide more information.

Swap features and connects attack points

BitKeep is a cryptocurrency wallet that provides numerous chains. Users can barter their tokens across chains, which is useful for DeFi use.

However, the swap feature is susceptible to attacks, and this isn't the first time a hacker has taken advantage of one. Transit Swap was previously attacked in early October.

Bridges have been the target of numerous attacks over the years, such as Wormhole and Ronin in 2022. These are becoming increasingly popular targets for malicious people.

DeFi hacks skyrockets

This year has seen a significant increase in hacking thefts. According to blockchain security firm Chainalysis, over $3 billion has already been stolen from the market. In October alone, $718 million was stolen from DeFi protocols via 11 hacks. 

According to CertiK, a large number of attackers in 2021 were caused by centralization issues. This year's theme appears to be bridge attacks, with significant losses on Harmony's Horizon and the Nomad bridges.

Are there any other wallets that have this same swap feature and are at risk of being drained? Let us know your thoughts by sharing this article online.

Oct 18, 2022
Crypto News

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