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

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

March 29, 2023

On March 29, multichain wallet BitKeep announced that it had fully compensated users affected by the 7.2.9. Android Package Kit (APK) exploit that took place on Dec. 26, 2022. On the day of the incident, the 7.2.9. APK update for BitKeep was maliciously swapped by hackers, resulting in an estimated $8 million loss of funds from users who downloaded the malware.

According to BitKeep, 11,090 wallets affected by the incident have been fully reimbursed as of March 29. In addition, BitKeep says its customer service channels remain open to processing several “irregular” claims and appeals.

At the same time, BitKeep will rebrand to Bitget Wallet following a $30 million investment last week at a $300 million valuation from the namesake cryptocurrency derivatives exchange. As part of the integration, BitKeep will have access to Bitget’s $300 million Bitget User Protection Fund in the event of future security threats.

Incumbent BitKeep CEO Kevin Como will also step down, while Karry Cheung, the firm’s current chief product officer, will become its new CEO. Moka Han, chief operating officer at BitKeep, commented:

“We have successfully established ourselves as a reputable crypto wallet with a wide range of services, including storage, swap, NFT marketplace, and more. After joining the Bitget ecosystem, we will be more confident in competing in the global market.”

Meanwhile, Gracy Chen, managing director at Bitget, stated:

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

For its next steps, BitKeep plans to develop new technologies, such as multi-party computation, account abstraction, decentralized identity, and zero-knowledge roll-ups for the Bitget Wallet. The wallet has surpassed 9.5 million users since inception.

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

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