BitKeep Wallet Suffers Second Hack Since October, $8 Million Stolen via Infected APKs

Crypto wallet BitKeep has suffered its second hack in two months as hackers steal $8 million using infected APKs.

BitKeep wallet hack

BitKeep, a Singapore-based multi-chain decentralized cryptocurrency wallet, has become the latest victim of DeFi hacks, with over $8 million in customer funds reportedly stolen.

BitKeep Suffers $8 Million Exploit 

BitKeep, which suffered a $1 million exploit in October when an exploiter gained access to vulnerable smart contracts, has confirmed another hack. This time, around $8 million has been stolen in the ongoing hack.

BitKeep, via its official Telegram handle, reported that the exploit involved a hacked APK version of the BitKeep wallet some users had downloaded. The funds of these users were drained while they were not using their wallets.

According to PeckShield, the blockchain analytics and security company, the amount of stolen crypto is about $8 million in BNB, ETH, USDT, and DAI. The individual involved has moved most of the hacked funds to BNB Chain.

DeFi Remains the Biggest Target for Hackers 

2022 has been the worst year yet for crypto, with cybercriminals targeting the decentralized finance (DeFi) sector. PeckShield reported in November that more than $3 billion had been lost to DeFI hacks, more than double 2021’s total.

Some Twitter users have confirmed the hack resulted from individuals using an unofficial BitKeep wallet. The vigilant crypto enthusiasts cited suspicious emails after installing the app. BitKeep has appealed to Binance to freeze the stolen assets as soon as possible.

On the Flipside

  • According to BitKeep, the stolen assets will be returned to users if investigations reveal the exploit was due to a fault on the company’s part.

Why You Should Care

BitKeep has emphasized the importance of users transacting only via official applications and websites to avoid losing funds.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia