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Hacked DeFi Wallet BitKeep Plans to Compensate All Affected Users by March

Hacked DeFi Wallet BitKeep Plans to Compensate All Affected Users by March

BitKeep says at this point, all confirmed compensation addresses have received 50% of stolen funds.

BitKeep, a multi-chain Web3 decentralized finance (DeFi) wallet, is planning to compensate all customers affected by the hack by March.

The DeFi wallet was hacked on December 26th. During the exploit, malicious actors stole over $8 million worth of crypto, like Binance Coin (BNB), Ether (ETH), Tether (USDT), and Dai (DAI)

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It is believed that hackers created several fake Bitkeep websites with APK files that mimicked version 7.2.9 of the Bitkeep wallet. By downloading the “update,” users unknowingly sent their private keys or seed words to the hackers, who used them to drain customer wallets.

According to the Twitter thread shared on March 2nd, the company has already completed the process of partially refunding affected customers. During February, the company confirmed 6,731 compensation addresses, which received 50% of lost funds.

The company highlighted that, in February, users with “unconfirmed login status and victimized address” filed appeals. At the end of the month, BitKeep received 3,857 appeals, of which 72% (or 2,785) have been approved.

When talking about why some appeals were not approved, the company noted:

Reasons for an unapproved status include failing to confirm the login details of the hacked package or use of the hacked package to store tokens, and fake addresses.

At the end of its Twitter thread, BitKeep highlighted that customers involved in the appeal process “will receive the results by mid-March.” On the other hand, those whose addresses were approved “will receive full compensation in a timely manner.”

The BitKeep spokesperson revealed that the firm had not recovered all funds from their law enforcement efforts. Therefore, all compensations are “coming out of the company’s own pockets, including those to be completed in the near future.” The company’s representative noted:

Users’ losses are being compensated by BitKeep’s 2022 revenue and its Secure Assets Fund, and we will complete all reimbursements by March. Finally, we would like to express our gratitude to our users for their trust and support, as well as to our partners for working with us to overcome the recent challenges.

At the time of writing, BitKeep has over 8 million users around the world.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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