Cryptocurrency firms have long been vulnerable to security breaches and exploits, with hackers constantly looking for vulnerabilities to exploit and steal users’ funds. However, in recent years, we have seen a shift in how companies respond to such incidents, with many taking proactive measures to compensate users who have suffered losses. BitKeep, a prominent crypto wallet, has announced its successful compensation for users impacted by an $8 million exploit in a recent tweet. In addition, the wallet has disclosed its rebranding to the Bitget wallet after getting a $30 million investment.
BitKeep Has Refunded 11,090 Wallets
BitKeep, a multichain wallet, announced on March 29 that it has completely compensated all users affected by the 7.2.9. Android Package Kit (APK) exploit that occurred on December 26, 2022. Hackers had maliciously replaced the 7.2.9. APK update for BitKeep, leading to a loss of around $8 million in funds from users who had downloaded the malware.
As of March 29, BitKeep has stated that 11,090 affected wallets have received full reimbursement. BitKeep’s customer service channels are still open to handle various “irregular” claims and appeals.
Simultaneously, following a $30 million investment from the cryptocurrency derivatives exchange Bitget at a $300 million valuation last week, BitKeep will rebrand itself to Bitget Wallet. This integration will provide BitKeep access to Bitget’s $300 million Bitget User Protection Fund to address any potential security threats in the future.
BitKeep’s current CEO Kevin Como will step down from his position, and Karry Cheung, who currently serves as the company’s chief product officer, will take over as the new CEO. Moka Han, chief operating officer at BitKeep, said, “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.”
BitKeep Plans To Develop New Technologies
One week ago, the company received a $30 million investment from Bitget, resulting in Bitget becoming the controlling stakeholder with increased shareholding. This investment not only allows Bitget to expand its range of services but also provides support for the company’s global expansion and security upgrades.
The company has begun a rebranding process to establish a more consistent visual identity within the Bitget ecosystem. The first step is changing the name to Bitget Wallet, and the updated logo, app, and website will undergo stylistic changes in the upcoming weeks.
Gracy Chen, managing director at Bitget, said, “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.”
BitKeep plans to leverage Bitget’s expertise in building a robust crypto trading platform to enhance its security infrastructure. This includes implementing a more rigorous pre-release review process, partnering with security auditing firms such as Certik, and bringing in several talents from Bitget to improve the service’s stability and security. Despite the investment, BitKeep will continue operating as an independent entity operationally and structurally.
In the remainder of 2023, the company plans to expand its suite of product offerings and explore the realms of MPC (multi-party computation) and AA (account abstraction). The company is also developing features related to Web3 DID (decentralized identity) and is in the process of supporting the ZK-Rollup ecosystem to provide users with seamless access to the tools they need as they navigate the frontiers of Web3.
In conclusion, the growing trend of cryptocurrency firms taking steps to compensate users after an exploit is a positive development for the industry. It shows that companies are taking their responsibility to their users seriously and are committed to protecting their funds and personal information. As the industry continues to evolve, it is essential that firms remain vigilant and proactive in their approach to security to ensure that users’ funds remain safe and secure.