BitKeep Refunds all Users Affected by 7.2.9 APK Exploit

In around three months, BitKeep refunded all customers affected by the $8 million hack.

BitKeep, a decentralized Web3 multi-chain wallet, has successfully compensated all users affected by the 7.2.9 Android Package Kit (APK) exploit.

On December 26th, 2022, hackers replaced the legitimate APK update for BitKeep with a malicious version, causing an estimated $8 million in losses for users who downloaded the malware.

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At the beginning of March, the company shared a statement revealing that it has partially refunded all affected customers.

As of March 29th, BitKeep has confirmed reimbursement for all 11,090 wallets impacted by the exploit. Furthermore, the company stated that its customer service is still available to address any “irregular” claims and appeals.

Simultaneously, BitKeep revealed plans to rebrand as Bitget Wallet. The move comes after the company secured a $30 million investment from the cryptocurrency derivatives exchange Bitget. This partnership grants BitKeep access to Bitget’s $300 million User Protection Fund, providing additional security against potential future threats.

When talking about the newest partnership, BitKeep’s chief operating officer (COO), Moka Han, stated:

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.

Moreover, Bitget’s Managing Director, Gracy Chen, claimed that the partnership will bring Web3 solutions to “millions of users in the Bitget ecosystem.”

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.

It is worth noting that BitKeep will see some changes in its office. The company’s current CEO, Kevin Como, is set to step down from his position. Karry Cheung, current BitKeep chief product officer (CPO), is expected to take Kevin Como’s position as CEO.

Moving forward, BitKeep plans to innovate and develop new technologies, including multi-party computation, decentralized identity, account abstraction, and zero-knowledge roll-ups for the Bitget Wallet.

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree

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