BitKeep assures victims of hack they will be paid

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Blockchain
BitKeep assures victims of hack they will be paid

BitKeep, a digital asset platform, has stated that it is taking steps to reimburse users whose assets have been stolen by hackers.

The corporation recently disclosed on Twitter that it had created a closed-loop verification system to lessen the possibility of assets ending up in the wrong hands.

To verify claims, the system incorporates victims’ multi-dimensional information, such as wallet addresses, stolen amounts, and token details. 

The team added that they intend to pay out 50% of the cash by the end of February and the remaining amounts by the end of March, adding that the compensation portal will go live in the first week of February.

The hack

The BitKeep cryptocurrency wallet, kept in Asia, was compromised after the previous trading year, and the hackers stole significant sums of cryptocurrency. According to BitKeep, the affected cryptocurrency investors downloaded a phony BitKeep program that ‘bad actors distributed.’

According to a report from transaction tracking experts, Ethereum (ETH), Binance Coin (BNB), and Tether were among the top cryptocurrencies used in BitKeep’s questionable transactions (USDT). They said that the hackers made off with crypto assets worth $8M.

Unexpectedly, the hacking incident in December lined up with the earlier hacker activities in mid-October of the same year. BitKeep suffered a $1M loss due to hackers who installed malicious APKs on the system in October.

Reimbursing the victims

The company informed the impacted investors in the Twitter thread that it would return all lost cryptocurrency assets.  The thread claims that the business plans to introduce a compensation portal.

According to reports, BitKeep would make two payments to the worried investors. The company will settle the first round in February and pay half the total.

The remaining sum, which amounts to $4 million, will be compensated by the crypto wallet by the end of March. Additionally, due to the state of the cryptocurrency market, the company will pay investors in USDT.

The tweet further revealed that BitKeep had created a compensation process, including a document that would direct the BitKeep team to return the victims’ total amounts.

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Julius Mutunkei

Julius is a blockchain reporter skilled at synthesizing all crypto-related information to make articulate texts easy for anyone to grasp. With a beginner's level certificate in Financial Analysis, Julius can read, interpret and report crypto findings to help investors exercise the best judgment in their decision-making process. When he is not caught up in the crypto frenzy, Julius likes playing a game of FIFA with his online buddies.