In addition to guaranteeing compensation to hacking victims, BitKeep has also guaranteed prizes to anyone who can help recover the cash that was taken.
On October 17, a hacker used the swap functionality of the decentralized multichain wallet BitKeep to steal $1 million from it. This hacker was using the BNB chain.
The attack was originally brought to light by the blockchain security firm PeckShield on October 17, and BitKeep later confirmed it in the early hours of October 18.
When the hack occurred, the security organization advised consumers to cancel their wallet’s permission.
The hacker was stopped before he caused more harm, BitKeep said, adding that its development team was able to control the attack.
However, to avoid more security difficulties, the team has chosen to halt its swap service. They will also collaborate with top security organizations to find the hacker.
In addition to providing a sizable reward to anyone with information that helps find the hacker and restore the stolen money, it went on to say that it would try to compensate the victims of the incident.
The team also released a safety assurance function that enables users to determine whether the swap transaction has exposed their wallet to a security risk.
The most recent exploit increases the number of hacks that have occurred in the crypto space in October.
DeFi protocols have suffered losses of $718 million from 11 attacks, or around 30% of the $3 billion in cryptocurrency hacks this year.