New report sheds light on BitKeep hack over the holidays

New report sheds light on BitKeep hack over the holidays

As investigators try to unravel the unfortunate hack of the BitKeep wallet over the holidays, new research has uncovered additional information surrounding the incident.

On-chain research firm OKLink released a report shows the modus operandi used by the attacker. According to the report, the attacker created several fake websites for BitKeep users to update their wallet apps to the latest versions.

Unknown to the victims, the APK file from the website was a malicious file rigged to steal the seed sets of unsuspecting users. It is currently unclear how the seed phrases were obtained, but there is speculation that users may have been asked to enter their seed phrases to complete the update.

The result was the drain of nearly $13 million worth of digital assets, which OKLink claims was carried through five wallets. The report confirmed that the attack involved four chains, including Binance Smart Chain (BSC), Ethereum (ETH), Tron (TRX), and Polygon (MATIC). It was also revealed that BNB Chain bridges were deployed to move a number of assets to Ethereum.

“The reason for this massive theft is that hackers have hijacked the latest installer package 7.2.9 with the following version, and users are advised to transfer money immediately,” OKLink’s report said.

After the robbery, the attacker attempted to withdraw money by sending part of the funds to digital asset exchanges Binance and ChangeNOW. 2 ETH and 200 USDC were sent to Binance, while the hacker sent 21 ETH to ChangeNOW, but it is not clear if Binance has confiscated the virtual currencies.

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Investigators are still trying to understand how the attacker convinced victims to visit the remote website containing the rigged APK file. BitKeep’s statement confirmed that the developer’s official website had not been breached, and claimed that the APK was the work of bad actors.

This is not the first time Bitkeep has been hacked. In October, the BNB wallet lost $1 million worth after a token exchange was breached.

Full of big notches

2022 has been characterized by jarring security breaches that have led to the loss of billions of digital assets. Ronin Network’s $625 million hack will be indelible in the minds of industry enthusiasts, given the sheer size of the loot, surpassing Wormhole Bridge’s exploit.

Other exploits that sent the ecosystem into a frenzy include Nomad Bridge’s $190 million hack, Beanstalk Farms’ $182 million exploit, and Wintermute’s $162 million loss to bad actors.

Several reports have pointed accusing fingers at North Korean hacking groups as responsible for some of the industry’s biggest security breaches.

See: The presentation of the BSV Global Blockchain Convention, Trust But Verify: Everything

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