On March 29, 2023, multi-chain wallet BitKeep announced that it had fully compensated users who were impacted by the 7.2.9. Android Package Kit (APK) exploit that occurred on December 26, 2022. On that day, hackers maliciously switched BitKeep’s 7.2.9. APK update, causing users who downloaded the malware to lose an estimated $8 million.
We have successfully compensated all eligible users who had their funds compromised due to an unprecedented external attack in late 2022. In the future, we will be working closely with Bitget and continue to upgrade existing security measures and protocols.
6/10
— BitKeep Wallet (@BitKeepOS) March 29, 2023
BitKeep noted that all 11,090 wallets that were impacted by a recent issue had been fully reimbursed as of March 29, 2023. The company has also stated that it will continue to process any “irregular” claims or appeals through its customer support channels.
BitKeep also announced that it would change its name to Bitget Wallet after it received a $30 million investment from the cryptocurrency derivatives exchange, Bitget. This investment put the company’s market valuation at $300 million.
Goodbye, #BitKeep????
Hello, #BitgetWallet ????The moment has arrived ???? After accepting a $30M investment from @bitgetglobal, we are revamping the brand, restructuring the management team and strengthening the overall security system.
Check our evolution #roadmap here????
1/10 pic.twitter.com/CFSxOnnKjR
— BitKeep Wallet (@BitKeepOS) March 29, 2023
The integration with Bitget will also provide BitKeep with access to the $300 million Bitget User Protection Fund in the event of any future security risks.
According to the company’s announcement on Twitter, BitKeep has initiated a rebranding campaign to create a more cohesive aesthetic for the Bitget ecosystem. Over the next few weeks, Bitget Wallet’s logo, app, and website will be updated with a new and improved style.
BitKeep also plans to establish a more product-centric team; hence, changes have been enacted in the team’s leadership. As part of this strategy, Kevin Como, one of the company’s co-founders, will step down from his role as CEO. Karry Cheung, who currently serves as BitKeep’s Chief Product Officer (CPO), will be promoted to the position of CEO. BitKeep will also incorporate several talented individuals from Bitget’s R&D and security team to enhance the stability and security of its service.
However, BitKeep will maintain its separate organizational structure and operate independently.
The announcement of the company’s rebrand has left many of its community confused, wondering what the fate of the company’s token, $BKB, will be.
What will happen to the BKB token holders
Will everything go in vain of this long waiting time
Please @BitKeepOS explain us about thisThe BKB Token will launch our not@BitKeepDaily @bitkeepnft @BitkeepAsia @bitkeepSupDesk
— Preetam Priyadarshi ???? (@PreetamPriyad18) March 29, 2023
Any update about your token ?
— Owolabi Olayinka (@Whykaylala) March 29, 2023
What’s will be the update on $BKB
— Yemi (????,????) (@Hamid9029) March 29, 2023
Meanwhile, Bitget, a Singapore-based cryptocurrency exchange, has announced the expansion of its operations to Seychelles. This move is in line with its objective to expand its operation globally.
The exchange also updated its hiring strategy with a new goal of reaching 1,200 employees by the first quarter of 2023. This represents a 50% increase from its current workforce size. This move is aimed at satisfying user demand and fostering company growth.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
