HomeNEWSBitKeep unveils redemption page for victims of Swap hack

BitKeep unveils redemption page for victims of Swap hack


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Popular DeFi multi-chain crypto wallet, BitKeep has launched a redemption portal for victims ot its swap hack. The protocol announced the development in its Friday Twitter post. Notably, Bitkeep affirms its commitment to compensating the victims via the portal.

According to the protocol, it has already “produced a list of victims based on on-chain data of that period.” Occasioned by the portal, BitKeep looks to calculate the USDT redemption amount based on the hacker’s selling price. It assures the victims that they will get the redemption within 24 hours after filing a claim, while encouraging “users to help track down the hacker and recover the loss.”

BitKeep, in its announcement, promised to convey “dedicated in-app message to every victim of the attack. It urges them to “switch to the wallet that suffered loss, go check on their messages and tap “View Details” of the relevant message to visit the portal and file a claim.”

Worth noting, BitKeep says it is carrying “out a security upgrade” in collaboration with blockchain security institutions SlowMist and Cobo. This, as revealed, will help to “provide better services and build a security barrier in the dark jungle of crypto world.”

The October 18 exploitation of BitKeep wallet

Recall that the popular DeFi multi-chain crypto wallet, had on Tuesday suffered an exploitation. According to BitKeep, the exploitation led to loss of over $1 million. Notably, leading blockchain security company, PeckShield was the first to raise the alarm. Peckshield in its announcement, advised Bitkeep wallet users to follow a series of steps to guarantee their safety.

Also, BitKeep, in its announcement, promised to deploy concerted efforts in arresting the issue. The protocol mentioned that the attack unfolded on the BNB Chain. This thus makes it the second time in October that the chain will become vulnerable to exploitation.

Further, BitKeep hinted that the attacker targeted the swap feature of the crypto wallet. The protocol, then, conveyed numerous measures to minimize the level of damages and nab the perpetrator. More so, Bitkeep immediately suspended its Swap service temporarily, saying the decision would help avery similar security breach on its network. It further reiterated its commitment to collaborating with security agencies to tame the hacker.

Afterward, the protocol admonishes anyone with rich information on the hacker or how to recover the funds to contact its team. It promised to reward whoever assist its team in recovering the funds. Furthermore, BitKeep promised to reimburse victims of the attack. Now, with the launching of a redemption portal for the victims, the firm looks set to fulfill its promise.

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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