Crypto wallet provider BitKeep Wallet has become the latest victim of an endless wave of DeFi hacks this month.

Blockchain security firm PeckShield first raised the alarm on Twitter late Monday, and BitKeep published an update on the incident in the early hours of Tuesday. 

After alerting the public, the security firm asked users to follow some steps to ensure the safety of their funds. The steps included connecting their wallet to a revoke.cash site and revoking their Ethereum token allowances approval, if any.

🧵1/4 🚨About the #BitKeep Swap hacking incident and its solution:
Dear BitKeep Swap user, BitKeep Swap was hacked, and our development team has managed to contain the emergency. The hacker has been stopped. The attack happened on BNB Chain, causing a loss of about $1 million.

— BitKeep Wallet (@BitKeepOS) October 17, 2022

BitKeep Confirms $1 Million Hack

Hours later, BitKeep announced that its development team had stopped the hacker and “managed to contain the emergency.” The crypto wallet provider noted that the exploit happened on the BNB Chain, the blockchain that lost about $100 million in a bridge hack earlier this month. 

The platform added that it took certain measures, including suspending its swap service, to prevent further attacks. The wallet provider will also cooperate with security agencies to track down the hacker and recover the stolen assets while promising to reward anyone who could help identify the thief.

BitKeep promised to compensate affected users even though the reimbursement plan has not been published.

Welcome to Hacktober 

BitKeep Wallet’s $1 million hack is one of the numerous exploits that have occurred within the first two weeks of October. According to reports, more than $700 million has been stolen from DeFi platforms in 11 different hacks this month.  

Hacktober started when cross-chain decentralized exchange (DEX) Transit Swap lost about $23 million in crypto on October 2. While the platform recovered a large chunk of the stolen funds after negotiating with the hacker, other platforms that lost funds to hackers were not so fortunate to recover the stolen assets. 

TempleDAO, Mango Markets, and QANplatform have also lost $2.34 million, $100 million, and $1 million in the past weeks through several DeFi hacks.