BitKeep to Compensate Victims of $8M Hack in Two Months

BitKeep has announced that it is working on reimbursing consumers whose assets were compromised by hackers.

A Singapore based platform, BitKeep, has announced that it is working on reimbursing consumers whose assets were compromised by hackers.

The team intends to pay out 50% of the funds by the end of February and the rest, which will be worth nearly $4 million, by the end of March, with the compensation portal going live during the first week of February.

The compensation asset valuation will be converted to USDT stablecoin in order to execute the task smoothly, taking into account the current situation of the cryptocurrency market, where token prices frequently change.

Additionally, BitKeep recently explained on Twitter that its technical team and security organizations created a closed-loop verification mechanism that includes the multi-dimensional information of the impacted individuals, such as wallet addresses, stolen sums, and token details, in an effort to decrease the chance of assets slipping through the cracks.

The 2018 established business states:

“Hackers never sleep-pls take good care of your assets & be mindful to not trust any messages of “warm-hearted customer service” or “help you recover your assets”. BitKeep always puts the interests of users as our top priority and many thanks for your support and understanding!”

Notably, after the previous financial year, the BitKeep wallets were breached in December, and the hackers took substantial amounts of cryptocurrency. According to an audit by the blockchain security company PerkShield, BitKeep was reportedly exploited and hacked for roughly $8 million.

Users of the wallets claim that their accounts automatically transferred the various cryptocurrencies they had, such as BNB, Ethereum (ETH), the stablecoin Tether (USDT), the Dai (DAI), and others.

Users who installed the trojanized APK package were encouraged by Bitkeep to transfer all of their funds to the official store upon downloading the official apps from Google Play or the App Store in order to prevent further exploits.