Blockchain & Cryptocurrency , Cryptocurrency Fraud , Fraud Management & Cybercrime

BitKeep to Reimburse Hacking Victims by March

The Crypto Wallet Plans to Launch Compensation Portal Soon for Further Details
BitKeep to Reimburse Hacking Victims by March
Image: Shutterstock

Cryptocurrency wallet BitKeep says it will compensate victims of a December 2022 hack that cost users $8 million.

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BitKeep says hacking victims will receive half their stolen funds by the end of February, and the remaining funds are 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 assets 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, amount stolen 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 would reimburse 100% of the stolen tokens.

About the Author

Anviksha More

Anviksha More

Senior Subeditor, ISMG Global News Desk

More has seven years of experience in journalism, writing and editing. She previously worked with Janes Defense and the Bangalore Mirror.

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