The BitKeep token exchange service was attacked on Monday by an unknown hacker.

The multi-chain crypto wallet had $1 million worth of crypto tokens stolen. The users who were stolen had approved their tokens on BitKeep’s exchange service, called the exchange router, on BNB Chain and Polygon.

Reports said the stolen funds were later dispersed through Tornado Cash’s crypto mixer to avoid being traced.

The team tweeted, “BitKeep Swap was hacked, and our development team managed to contain the emergency and stop the hacker. The attack targeted the BNB chain, causing a loss of around $1 million.”

The hacker was able to seize user funds by exploiting a previously contained logical error that allowed them to make a malicious call.

The exploit was exposed to the hacker as the BitKeep exchange contract lacked input validation, which allowed the hacker to spoof input values. It reveals that the hacker was able to perform illegitimate swaps of addresses that they had approved to spend on BitKeep’s swap router.

Victims of the exploit will be reimbursed, according to BitKeep.

“BitKeep will launch a compensation portal within 3 business days for all victims to apply for a refund,” BitKeep said.

Other recent hacks

Although small compared to other hacks, the BitKeep hack is yet another case of exploits hitting the crypto industry this month.

According to ChainanalysisIn October alone, more than $700 million was lost in more than a dozen notable exploits.

The most recent high-profile hack was witnessed by Mango Markets, which came less than a week after the $80 million hack of Binance’s BNB blockchain.

A hacker stole $100 million from Mango Markets in early October.

Solana’s blockchain-hosted trading and lending platform was exploited after the manipulation of the price of Mango Market’s native MANGO token via an Oracle price manipulation attack.

According to Blockchain.News, Mango Markets confirmed via a tweet that the company had started looking into the matter. “We are currently investigating an incident where a hacker was able to drain funds from Mango via Oracle price manipulation. We are taking steps to have third parties freeze funds in flight,” the tweet read.

The hacker’s wallet was funded from an FTX exchange account.

According to tweets from blockchain security firm Hacken, the hacker opened a huge futures position for the first time, which resulted in a MANGO token price surge. That further increased the value of the hacker’s account collateral and gave him access to borrow a large debt position in multiple currencies on Mango Market’s loan and lending platform.

According to Hacken, the hacker was able to borrow and steal approximately $114 million in various tokens, as the price of the tokens and their collateral was manipulated much higher.

How, exactly, the hacker was able to inflate the value of MNGO in the eyes of the Mango protocol remains to be understood, according to Robert Chen of blockchain auditors OtterSec.

While in the Binance BNB blockchain hack case, $80 million worth of Binance Coins (BNB) was stolen after an exploit occurred on a bridge between the blockchains.

According to Chainalysis, total crypto crime revenue in the first half of this year was $1.6 billion, less than the figure recorded in the first half of 2021. The drop in crypto crime figures coincided with a drop in values. crypto. However, some forms of crypto crime have increased in the last year, such as the value of hacked crypto assets rising from $1.2 billion to $1.9 billion.

While Bloomberg reported that around $2 billion was lost in crypto hacks this year, many of those hacks were perpetrated by groups linked to North Korea, and the cross-chain bridges used to transfer tokens across blockchains have been a problem. popular goal.

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