BitKeep completes compensation for $8M APK exploit, announces rebranding

2 years ago

BitKeep Wallet volition present beryllium known arsenic Bitget Wallet pursuing a $30 cardinal concern from the namesake crypto derivatives speech past week.

BitKeep completes compensation for $8M APK exploit, announces rebranding

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On March 29, multichain wallet BitKeep announced that it had afloat compensated users affected by the 7.2.9. Android Package Kit (APK) exploit that took spot connected Dec. 26, 2022. On the time of the incident, the 7.2.9. APK update for BitKeep was maliciously swapped by hackers, resulting successful an estimated $8 cardinal nonaccomplishment of funds from users who downloaded the malware.

According to BitKeep, 11,090 wallets affected by the incidental person been afloat reimbursed arsenic of March 29. In addition, BitKeep says its lawsuit work channels stay unfastened to processing respective “irregular” claims and appeals.

At the aforesaid time, BitKeep volition rebrand to Bitget Wallet pursuing a $30 cardinal concern past week astatine a $300 cardinal valuation from the namesake cryptocurrency derivatives exchange. As portion of the integration, BitKeep volition person entree to Bitget’s $300 cardinal Bitget User Protection Fund successful the lawsuit of aboriginal information threats.

Incumbent BitKeep CEO Kevin Como volition besides measurement down, portion Karry Cheung, the firm’s existent main merchandise officer, volition go its caller CEO. Moka Han, main operating serviceman astatine BitKeep, commented:

“We person successfully established ourselves arsenic a reputable crypto wallet with a wide scope of services, including storage, swap, NFT marketplace, and more. After joining the Bitget ecosystem, we volition beryllium much assured successful competing successful the planetary market.”

Meanwhile, Gracy Chen, managing manager astatine Bitget, stated:

“We are moving with the BitKeep squad to bring the most-used DeFi features, swap, NFT marketplace, and DApps, to the millions of users successful the Bitget ecosystem.”

For its adjacent steps, BitKeep plans to make caller technologies, specified arsenic multi-party computation, relationship abstraction, decentralized identity, and zero-knowledge roll-ups for the Bitget Wallet. The wallet has surpassed 9.5 cardinal users since inception.

Related: Multichain wallet BitKeep raises $30M astatine $300M valuation

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