BitKeep reveals rebranding,  concludes compensation for $8M APK hack

Share IT

Key takeaways:

  • BitKeep, a decentralised Web3 multi-chain wallet, has effectively compensated all users who were impacted by the Android Package Kit (APK) exploit in version 7.2.9.
  • BitKeep is going to rebrand to Bitget Wallet as a result of a recent $30 million investment at a $300 million valuation from Bitget.

BitKeep claimed that it had compensated customers impacted by the $8 million hack In December 2022. The multichain wallet also announced that it would alter its name to Bitget Wallet after last week’s $30 million investment from the exchange of the same name.

On December 26, a number of BitKeep users who make use of the multichain bitcoin wallet claimed that money was being taken out of their wallets when they weren’t using them. 

With the help of this investment, Bitget was able to take over management of BitKeep and create a new roadmap for 2023. In the case of unforeseen security dangers, BitKeep will have a link to Bitget’s $300 million Bitget User Protection Fund as a result of the merger.

All 11,090 accounts affected by the exploit have received reimbursement, according to BitKeep, as of March 29. The business added that its customer support is still open to handle any “irregular” requests or disputes.

The investment in the wallet is a crucial step for Bitget because it will enable it to offer native storage and asset management services and expand its company into the wallet industry. By incorporating BitKeep’s 8 million existing users, Bitget will gain access to a completely new pool of prospective customers. 

There are speculations that BitGet was chosen by BitKeep due to its recognised expertise in the cryptocurrency sector and its capacity to create reliable and safe trading platforms. Through the partnership, BitKeep will be able to increase the reliability and security of its wallet while continuing to provide customers with high-quality services.

Moka Han, BitKeep’s chief operating officer (COO), said the following about the newest collaboration:

With a broad variety of services, such as storage, swap, an NFT marketplace, and more, we have successfully established ourselves as a reputable cryptocurrency wallet. We will feel more confident in our ability to compete on the international market after entering the Bitget ecosystem.

Additionally, BitKeep stated that it intended to strengthen its security structure by collaborating with security audit companies like Certik, adding MP5 verification for APK packages, and enabling hardware wallet suppliers like Keystone. In addition to developing Web3 DID-related features and assisting the ZK-Rollup ecosystem, BitKeep wants to increase its participation in the MPC and AA sectors.

Share IT
Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

Can’t find what you’re looking for? Type below and hit enter!