Binance CEO Changpeng Zhao (CZ) has offered to help monitor funds stolen from multi-chain wallet service provider BitKeep, which was hacked.
BitKeep was compromised on December 26, and the hackers made off with over $8 million in assets. According to CZ, the stolen funds may have flowed into Binance as hackers attempted to destroy digital assets.
Binance offers to track stolen BitKeep funds
Earlier today, CZ tweeted that the exchange will expose any funds stolen from BitKeep that pass through Binance. Thanks to blockchain technologyWith transparency, funds can be tracked and monitored as hackers transfer them from one platform to another.
Binance is the largest exchange in the world. The liquidity of the exchange has been used by hackers to cash in on funds stolen during malicious activities.
Once on the platform, Binance can freeze the funds and safely return them to BitKeep. Subsequently, the platform can identify wallets that deposit funds on the platform KYCA legal requirement that users must comply with before using the exchange.
How BitKeep was compromised
Users of the wallet service provider warned that cyber criminals are siphoning off funds from their wallets. The wallet provider announced on its official Telegram channel that hackers have maliciously implanted harmful code APK packages downloaded directly from the internet without using reputable APK sources like Google Play.
“If your funds are stolen, an unknown version (unofficial release version) of the application you downloaded or updated may have been hijacked.”
via BitKeep Telegram.
As a precaution against the threat, BitKeep encourages users to download the wallet’s mobile applications only from trusted sources such as Google Play or the App Store. Furthermore, the team urged users to create new wallet addresses as their existing ones may have been exposed and are on the verge of being compromised.
BitKeep Wallet Hacked for Over $35 Million
OKLink Data reported that the multi-chain wallet vulnerability was on four chains, including BSC, ETH, TRX, and Polygon. According to CZ, the data provider showed around 50 addresses linked to the hackers, which Binance is monitoring. Amount hacked from BitKeep sits up $35 million overall.
Although disappointing, the wallet service provider is not the first to be hacked. Mid October, came on stage a hack that went wrong 1 million dollars from BNB chain. BitKeep ends 2022 as one of the most compromised DeFi protocols in the space. Protocols were seen in October as well Income Price manipulation by hackers on its Oracle resulted in a loss of $100 million.
#BitKeep #track #funds #stolen #Binance