In today's edition of YIYL, we see that shoddy software will always be exposed it's only a matter of time, it really shows how robust the engineering of bitcoin is having been running for 13 years and these shitcoins can't even run 13 months without cocking up in a major way.
In bitcoin wallets are meant to store your money and keep your coins off exchanges and your keys away from an internet-connected device, in shitcoins, the keys don't really matter and it's more about how you can interact with your keys hot with different protocols.
When you interact with hotkeys, you are exposing your seed to device issues, smart contract issues, and the routing issues of our ISP, and every time you sign an online contract you could be at risk, as proven with BitKeep.
What is BitKeep?
BitKeep is another shitcoin wallet that supports the multichain theory and allows users to mange tokens from more than 30 blockchain networks such as Ethereum, Polygon, Solana, and BNB Chain and claims to have more than six million users.
When you have so much complexity in one front end, you are always going to leave yourself exposed to risk you don't understand. In a story we've seen play out several times with shitcoin wallets the Swap feature of the BitKeep crypto wallet suffered an exploit that landed a hacker more than $1 million worth of BNB.
This is the third hack in October of the swap functionality of a crypto wallet, with Transit Swap suffering a $21 million hack on October 1—although in that case, the attacker subsequently returned a large portion of the stolen funds, while Rabby Wallet's swap service was taken for $200 000
PeckShield forever captain hindsight of crypto
PeckShield added that the hackers have likely exploited a swap/router of the multi-chain wallet that integrates wallet, swap, non-fungible token (NFT) market, and decentralized application (DApp) browser in a single location.
They also advised users to revoke permission to the wallet to avoid further losses. As the attacker has every chance of going back in again for a second helping. To revoke wallet access to the swapping service you have to connect the wallet to PeckShield's Revoke.Cash platform and removing approval for all tokens of the wallet — including unregistered tokens.
Bitkeep on brink of bailout for bagholders
The company behind BitKeep naturally came out with 1000 apologies and a partial roadmap outlining next steps. They started with suspending services of token swaps in the app which will remain frozen and the company plans to add “a wallet safety assurance feature and along with it a one-tap repair feature,
BitKeep have also stated that it will launch a compensation portal within three days which will reimburse 100% of the tokens stolen from users.
Tracking down of funds
BitKeep has also stated that it will be liaising with relevant security agencies to find the attacker and recover the funds.
An anonymous user who managed to make off with the $1 million in Binance Coin (BNB) tokens naturally tried to cover their tracks by routing the funds through the U.S. government-sanctioned transaction privacy tool Tornado Cash, according to a Twitter thread today by BitKeep.
So let's see how well Tornado Cash works and if the user is still able to make a way with the funds or if these new sanctioned compliant blocks we see on POS chains make it easier to identify funds and freeze it since this is all a centralised LARP of a system that CZ and Binance have total control over.
If you ask them nicely I am sure they are all too happy to leverage the authoritarian tech they built to save the blushes of people who shouldn't have been using these shitcoin services in the first place.
Sources:
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