BitKeep to Give Refund to All Victims of $8M Hack by March End

• BitKeep announced that it is listening to the victim’s complaints regarding compensation.
• The technical team of the firm has set up a ‘closed-loop verification system’.
• BitKeep added that 50% of the funds are expected to be refunded by the end of February.

BitKeep Wallet has announced it will start giving refunds to all the victims of an $8 Million worth hack that took place in December. BitKeep has added that it will refund all the funds lost in the hack by the end of March.

Multi-chain crypto wallet BitKeep announced on Twitter that it is taking cognizance of the victim’s complaints regarding the compensation.

BitKeep wants to ensure that the process of refunding assets is done in the most secure way possible. Hence, the technical team of the firm and its security agencies have set up a ‘closed-loop verification system.’ The system will include the victims’ detailed multidimensional information like wallet addresses, stolen amounts, and token details for a safe compensation procedure.

BitKeep further revealed its plan to go about with the process of issuing compensation by saying:

We will be launching the compensation portal in the first week of February and 50% of the funds are expected to be compensated by the end of February while the remaining funds by the end of March.

For the compensation, BitKeep has revealed that the value of the crypto assets will be initially converted to USDT because the token prices keep on fluctuating. Further details will be made available on the firm’s portal page.

The news of the hack first came to light when the blockchain analytics and security firm PeckShield announced that the $8 Million worth of assets was stolen from BitKeep due to downloading a hacked APK version.