More than $8 million worth of cryptocurrency has been stolen from the wallets of BitKeep users in an apparent cyber attack, the latest exploit to hit a decentralised finance network.
BitKeep users reported through social media that their funds were being transferred without any activity on their end, online industry tracker Cointelegraph reported on Monday.
The amount could be higher as transfers were still being made at the time of the report, and it is also unclear whether the breach was from a single attacker or several.
The number of affected users is yet to be determined. BitKeep, which is based in Singapore, claims to have more than 6.3 million users.
Among the cryptocurrencies stolen are Binance Coin, Ether, Tether and Dai. The wallet of one suspected hacker now contains about $5 million, said BitKeep. A wallet is used by an account holder to securely store cryptocurrency.
BitKeep confirmed the breach in a Telegram post, after a “preliminary investigation”.
“It is suspected that some APK package downloads have been hijacked by hackers and installed with code implanted by hackers,” it said, referring to Android package kit, the file format used on Google's mobile operating system.
“If your funds are stolen, the application you download or update may be an unknown version [unofficial release version] hijacked.”
Decentralised finance, or DeFi, is based on blockchain technology. It is considered to be a safer way to conduct transactions, with the potential to replace middlemen, such as brokers and banks, in the financial system.
However, the growing scale of blockchain, cryptocurrencies and DeFi is attracting criminal activity. Cryptocurrencies tracked by Chainalysis yielded total transactions worth $15.8 trillion in 2021, up almost sevenfold from 2020.
Money laundering, market manipulation and online theft have been identified as the biggest threats globally to decentralised finance on Web3, Chainalysis has said.
Theft rose in parallel as crypto-based crime reached its highest level in 2021, with illicit addresses receiving $14 billion over the course of the year, almost double the $7.8 billion recorded in 2020, the New York-based blockchain platform has reported.
In March, more than $600 million was stolen from Ronin Network, a side chain built for the play-to-earn game Axie Infinity.
Android package kits can be downloaded from the internet and installed on Android devices. As they do not come from the official Google Play Store, they carry serious security risks, such as viruses and malware that can be used to steal sensitive user data.
Monday's report also comes a little over two months after BitKeep suffered a similar breach, in which one hacker stole about $1 million worth of Binance Coin.
Users — particularly those using APK versions of their wallets — have been urged by BitKeep to transfer their funds to its app from Google Play or Apple's App Store, and create new wallet addresses to safeguard their digital assets.
The company has also provided an online form that users can use to report illicit activity, and has said it will “figure out the solution and assist as soon as possible”.
BitKeep is active in 168 countries, with transactions of more than $500 billion, according to its website.
Company%20profile
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More coverage from the Future Forum
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
Dengue%20fever%20symptoms
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Florida: The critical Sunshine State
Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.
In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
UAE currency: the story behind the money in your pockets
