BitKeep Repays Users Affected by $8 Million Hack of Impostor Wallet

Multi-chain wallet BitKeep has announced it will issue full refunds to victims of a hacking incident which took place in December. The incident resulted in the loss of around $8 million for the project.

Victims who were impacted by the incident are eligible for a full refund and can submit their claims to BitKeep. The process of reimbursement begins with users applying to BitKeep and the team will commence repaying them.

According to BitKeep, half of the refunds are expected to be completed before the end of February, while the remaining funds should all have been returned by March. The compensation will be converted to USDT stablecoin.

On December 26th, BitKeep reported that hackers had counterfeited its wallet app and distributed a malicious version to unsuspecting users. The project said that with the fake app, hackers were able to extract wallet seed phrases of users in order to steal funds.

Security firm PeckShield estimated that many wallet users, who had downloaded and used the counterfeit version, lost a total of $8 million in crypto assets. The BitKeep team is urging users to be vigilant and to download the official version of the wallet from the BitKeep website.