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A Million Dollar Hack Of BNB Chain And Polygon-based Tokens

On October 17, hackers stole more than one million dollars’ worth of BNB Chain and Polygon-based tokens from the decentralised multi-chain digital wallet known as BitKeep. The incident occurred during the early hours of Asian time. Late on Monday night, blockchain security company PeckShield was the first to raise the alarm on Twitter. BitKeep provided an update on the event early on Tuesday morning.

BitKeep’s development team reportedly stopped the hacker’s attempt and “managed to control the situation,” according to an announcement made by the company. The provider of the cryptocurrency wallet said that the vulnerability occurred on the BNB Chain, which is the blockchain that suffered a loss of around $100 million earlier this month when a bridge was hacked. After confirming the hack, the company requested that customers carry out certain measures in order to protect the integrity of their financial holdings.

The cryptocurrency wallet service BitKeep claims to have more than six million users and supports tokens from more than thirty different blockchain networks, including Ethereum, Polygon, Solana, and BNB Chain. It offers users the ability to store their cryptocurrency in a way that is both anonymous and free from oversight. It also indicates that you will be able to hold a diverse range of assets, originating from a number of distinct blockchains, inside the same wallet.

BitKeep has said that it would open a compensation site within three business days, during which time all affected users will be able to claim for refunds. The group also said that it was in contact with the appropriate security authorities in an effort to track out the attackers who were responsible for the incident.

This attack is the most recent in a long line of vulnerabilities that have been disclosed this month. Already, October has proven itself as the month with the highest number of attacks in the whole history of cryptocurrencies.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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