$1 million is stolen from BitKeep’s token exchange service

Unknown hackers attacked BitKeep’s token exchange service on Monday. BitKeep is a multi-chain cryptocurrency wallet.

BitKeep’s swap service, also known as a swap router, on the BNB Chain and Polygon was compromised, allowing an attacker to steal $1 million worth of crypto tokens from customers who had authorized tokens on the service. Tornado Cash was then used to hide the true path of the stolen monies.

“BitKeep Swap was compromised, but our development staff was able to control the situation and stop the hacker. The assault was focused against the BNB Chain, resulting in around $1 million in damages “The group tweeted.

Igor Igamberdiev, Research Director, Data at The Block, said that BitKeep’s swap contract formerly featured a logic fault that enabled the hacker to perform a fraudulent call and steal user cash. The absence of input validation in the BitKeep swap contract made it possible for an attacker to create input values. This implies the attacker was able to use BitKeep’s swap router to perform unauthorized transactions from wallets with spending permissions.

“Within three business days, BitKeep will establish a webpage for victims to claim for compensation,” the initiative said.

Nonetheless, the event adds to the number of attacks that have afflicted the cryptocurrency industry this month. Chainalysis believes that more than $700 million has been lost over more than a dozen noteworthy exploits so far in October.

These include the $2 million QANplatform vulnerability, the $2.34 million RabbySwap theft, the $100 million BSC Token Hub breach, and the $114 million assault on Mango Markets.

Also Read: MicroStrategy Has Outperformed Established Market Leaders After Embracing The Bitcoin Standard

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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