BitKeep wallet to refund victims of $8 million fake app hack in December

Quick Take

  • Multi-chain wallet BitKeep said that it will issue full refunds to users who were hacked with a fake app.
  • In December, hackers counterfeited BitKeep’s mobile wallet app and distributed a malicious version to steal $8 million.

Multi-chain wallet BitKeep has announced it will issue full refunds to victims of a hacking incident which took place in December, costing the project around $8 million. 

Victims who were impacted by the incident are eligible for a full refund and can submit their claims, the team said. The process of reimbursement begins with users applying to BitKeep and the team will commence repaying them.

Half of the refunds are expected to be completed before the end of February, while the remaining funds should all have been returned by March, BitKeep said. The compensation will be converted to USDT stablecoin.

On Dec. 26, BitKeep reported that hackers had counterfeited its wallet app and distributed a malicious version to unsuspecting users. The project said that with the fake app hackers were able to extract wallet seed phrases of users in order to steal funds.

Security firm PeckShield estimated that many wallet users, who had downloaded and used the counterfeit version, lost a total of $8 million in crypto assets.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.