

BitKeep Wallet Suffers $1M Exploit: What’s Next for Affected Users?



What are the next steps after the $1 million BitKeep exploit? How can investors reduce the risks of exploits? Learn more within this article!
BitKeep Hacked for $1M
BitKeep, a wallet provider, was hacked on Oct. 18 and lost more than $1 million. The project revealed the next steps after this exploit and will reimburse everyone impacted by this hack.
Following the incident, the wallet swap service has taken a few measures.
BitKeep temporarily suspended its services to prevent further threats to asset security. The project’s team is cooperating and consulting with other security authorities to recover the stolen funds. Moreover, all victims will be fully reimbursed. Lastly, the project incentivizes everyone to help identify the hackers and recover the assets by providing a reward to helping hands.
📢 Your crypto assets in BitKeep Wallet are secured. Users who suffered loss in the BitKeep Swap security incident will be fully compensated.
— BitKeep Wallet (@BitKeepOS) October 18, 2022
A thread 🧵
Investors affected by the exploit can apply for the compensation plan through an online portal launched Oct. 21.
Wallet Hacks in DeFi And Safety Solutions
In recent years, Decentralized Finance (DeFi) wallet hacks have increased dramatically. For example, TransitSwap, a multi-chain DEX aggregator, lost more than $21 million earlier this month due to a hacker exploiting an internal vulnerability in a swap contract.
Similarly, Mango Market, a DeFi protocol based on Solana, lost more than $100 million after a hacker increased the MNGO token's price by 5-10 times due to low liquidity.
And, of course, there was this month’s massive $580 million BNB bridge exploit, where hackers essentially were able to mint themselves 2 million new BNB of which, at last count, about $100 million worth was not yet recovered.
As a cryptocurrency investor, it is best to keep only a small amount of your holdings in an online hot wallet, like BitKeep, to reduce potential risks associated with holding coins in such wallets. A significantly safer way to store coins is by using an offline cold wallet with private key backups.
It is wise for investors to consider carefully where they are holding their virtual assets.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Related News


Ether Futures ETFs Hit the Market: ProShares, VanEck, and More Offer Options

This marks the first-ever ETFs based on ether futures, following the introduction of the first bitcoin futures ETF two years ago.
Summary
- A range of exchange-traded funds (ETFs) targeting the performance of ether futures have been launched.
- These offerings mark the first-ever ETFs based on ether futures, coming almost two years after the introduction of the first bitcoin futures ETF.
In a significant development for the crypto industry, a range of exchange-traded funds (ETFs) targeting the performance of ether futures have been launched. These offerings mark the first-ever ETFs based on ether futures, coming almost two years after the introduction of the first bitcoin futures ETF.
Renowned for launching the first U.S. bitcoin futures ETF, ProShares leads the charge with the launch of the ProShares Ether Strategy ETF, along with two additional offerings that provide a blend of exposure to both bitcoin and ether. ProShares’ CEO, Michael L. Sapir, expressed optimism about the appeal of these crypto-linked ETFs to investors, stating, "We think that many investors who are interested in cryptocurrencies but are concerned about custody risks, or who are challenged by the learning curve and complexities required to buy them directly, will be attracted to our crypto-linked ETFs."
Bitwise also joined the fray with two ether futures ETFs: the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF.
VanEck, a prominent asset manager, has also entered the arena with the VanEck Ethereum Strategy ETF. This ETF is designed to target capital appreciation by investing in ether futures contracts, providing investors with an alternative path to participate in the robust futures market centered around Ethereum.
Additionally, the VanEck Ethereum Strategy ETF has also entered the market, “designed to seek capital appreciation” through ether futures contracts. As highlighted by Kyle DaCruz, Director of Digital Asset Product at VanEck, these offerings provide a means for investors to tap into the robust futures market surrounding Ethereum.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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