After the exploit in BitKeep’s token swap service, the team is ready to release compensation funds to the affected users.
BitKeep is a software wallet designed for interacting with the crypto networks’ supported services, for example, the Ethereum blockchain. This wallet supports asset management on more than 50 mainnet such as BSC, Polygon, Solana, Avalanche, TRON, and HECO. This wallet was launched by BitKeep Global Inc.
On 17 October, A hacker drained approximately $1 million worth of crypto assets from the BitKeep wallet’ token swap protocol.
The team stated that on-the-spot action by the team stopped the hacker from affecting more on the platform.
The team suspended the token swap feature on its platform to ensure the actual bug/vulnerability & further launched a new security feature to ensure that all users are safe.
BitKeep wallet’ backend team confirmed that they will work with investigation agencies to catch the actual culprit behind this exploit and also they will give a reward to those people who will give information about the hacker.
So far to this time, the Compensation portal has been launched but the team suggested customers keep their patience till the portal becomes online.
The comments section on the Twitter threat are showing that almost every client, who was affected because of the exploit, is happy because of the better response rate by the team.
The Research Director at TheBlock Igor Igamberdiev said that hackers took advantage of a logic error (basically a bug) that was associated with BitKeep’s swap contract.