Blockchain & Cryptocurrency
Fraud Management & Cybercrime
The Crypto Wallet to Launch Compensation Portal Soon for Further Details
Cryptocurrency wallet BitKeep says it will compensate victims of a December 2022 hack that cost users $8 million.
BitKeep says hacking victims will receive half their stolen by the end of February, with the remaining funds slated for payment by the end of March.
The wallet says it will pay victims in USDT stablecoin to counter asset fluctuation.
To reduce the risk of asset falling into the wrong hands, BitKeep’s technical team and security agencies say they will verify actual victims through a system that verifies data such as wallet addresses, stolen amount and token details.
BitKeep in late December warned customers over a counterfeit version of its app that enabled hackers to inject malicious code and steal from their wallets. Blockchain security and data analytics company PeckShield estimated the total amount stolen from the BitKeep wallets to be $8 million. BitKeep suspended services in order to ensure that no other security issues exist.
This isn’t the first time BitKeep has made customers whole following a hack. In October, a hacker drained $1 million from BitKeep wallet’s swap feature. The same day, BitKeep launched a compensation portal and said it will reimburse 100% of the stolen tokens.