Comeback Story: Startup Recovers From $8M Hack With A New Investment, Rebranding

Zinger Key Points
  • BitKeep rebrands to Bitget wallet following $30 million investment.
  • Kevin Como steps down as BitKeep CEO; Karry Cheung takes over.

Multichain wallet BitKeep has fully compensated users affected by the 7.2.9. Android Package Kit (APK) exploit that occurred on Dec. 26, 2022.

The update 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 Wednesday, March 29.

BitKeep also says its customer service channels remain open to processing several “irregular” claims and appeals.

As part of a recent $30 million investment at a $300 million valuation from Bitget, the namesake cryptocurrency derivatives exchange, BitKeep will rebrand to Bitget Wallet. Kevin Como, the incumbent CEO of BitKeep, will step down, and Karry Cheung, the firm’s current chief product officer, will take over as the new CEO.

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BitKeep will have access to Bitget’s $300 million Bitget User Protection Fund in the event of future security threats.

"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," Moka Han, chief operating officer at BitKeep, said.

Bitget managing director Gracy Chen said the team is working with the BitKeep team to bring the most-used decentralized finance features, swap, NFT marketplace, and DApps, to the millions of users in the Bitget ecosystem.

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 its inception.

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Image from Pixabay

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Posted In: CryptocurrencyNewsTop StoriesStartupsMarketsAndroid Package Kit (APK)Bitget WalletBitKeepcrypto walletcryptocurrency derivatives exchangedecentralized identityDeFiNFT marketplace
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