Lucy Jane 
BitKeep pays $8M APK exploit, rebrands
BitKeep said on March 29 that it has fully compensated consumers who had been impacted by the incident that occurred on December 26, 2022, with the 7.2.9 Android Package Kit (APK). Hackers purposely changed the APK version for BitKeep 7.2.9 on the day of the event, which resulted in customers who downloaded the virus losing an estimated $8 million in cash between them.
According to BitKeep, as of the 29th of March, all of the monies that were stolen from 11,090 wallets as a result of the incident have been refunded in their entirety. In addition, BitKeep has confirmed that its customer care channels will keep taking “irregular” claims and appeals for the foreseeable future.
Kevin Como, the current CEO of BitKeep, will also step down from his role, and in his stead, Karry Cheung, who now serves as the company’s chief product officer, will become the company’s 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.”
After receiving a $30 million investment from a bitcoin derivatives exchange with a $300 million valuation the previous week, Moka Han, the chief operating officer of BitKeep, has announced that the company will change its name to Bitget Wallet. This comes after the company was valued at $300 million.
Han announced the investment. As a direct and immediate consequence of the integration, BitKeep will have access to the $300 million Bitget User Protection Fund if there are any future issues with data security.
- In the meantime, Gracy Chen, the managing director of Bitget, has announced that BitKeep intends to create additional technologies for the Bitget Wallet. He 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.”
Multi-party computation, account abstraction, decentralized identity management, and zero-knowledge roll-ups are some of the technologies that will be part of these developments. Since its inception, the wallet has amassed a user base of more than 9.5 million people who are now using it.