The crypto market as a whole has become a target for various hacking groups as a series of relentless attacks have already lost various firms over $700 million just this month.
And as the crypto market continues to see some of its worst days in the past two decades, another major player in the space managed to lose to the hackers. More specifically, crypto wallet BitKeep became the latest victim in a series of relentless attacks by hackers, losing over $1 million in the process.
Although the company continues to make an effort in finding the people responsible, it has a significantly larger issue at hand. With customers now short of $1 million, BitKeep will have to track down the different wallets that were stolen from and how much did they lose.
Fortunately for the investors who are still sticking around, BitKeep already has plans on how it will be compensating all of its users.
Returning What was Stolen
BitKeep lost over $1 million in tokens based on the Polygon framework, along with tokens from the BNB Chain.
The wallet supports over 30 unique blockchain networks, including the likes of BNB Chain, Solana, Polygon, and Ethereum. Thanks to its incredible growth, the wallet also managed to gather over six million users.
So, with users losing a big chunk of their money from their wallets, the team at BitKeep was quick to issue a statement. They mentioned that they were looking into the issue but for now, had prepared a compensation portal.
The team also mentioned that it will be working hard to retrieve the stolen funds and properly compensate its users for their loss. They mentioned that they will easily reimburse users for all of the tokens stolen, or with tokens that were of equivalent value.
Containing the Situation
While the team at BitKeep wasn’t able to catch the perpetrator with their hand in the cookie jar, they were able to control the situation. So even though the hackers were able to get away with as much as $1 million, the team was able to lock up their SWAP service before the hackers could do any more damage.
The only downside to them taking such swift action was that their SWAP protocol had to go down until they could solve the issue.
Working with the Relevant Authorities to Retrieve the Funds
BitKeep is a prime example of a cryptocurrency company doing its job right. Not only were they able to control the situation and minimize losses, but they were quick to inform their audience about the current situation and already working on compensating them for their loss.
Although the company has yet to even identify the hacker, they are optimistic that they will get their money back in time.