BitKeep Compensates Users After $8M Hack

Fibo Quantum

On December 26, 2022, BitKeep, a multichain wallet, suffered an attack that resulted in an estimated $8 million loss of funds from users who downloaded the 7.2.9. APK update for the wallet. The update had been maliciously swapped by hackers, resulting in the theft of users’ cryptocurrency holdings.

In response to the hack, BitKeep announced on March 29 that it had fully compensated all 11,090 users affected by the incident. The compensation was made possible through the company’s own funds and was an important step in restoring trust with its user base.

Additionally, BitKeep announced that it will rebrand to Bitget Wallet following a $30 million investment from the cryptocurrency derivatives exchange Bitget. The investment valued BitKeep at $300 million and will provide the wallet with access to Bitget’s $300 million User Protection Fund, which will help mitigate the risk of future security threats.

The compensation of affected users is a significant move by BitKeep to show its commitment to security and to demonstrate that it takes the safety of its users’ assets seriously. With the rebrand to Bitget Wallet and access to the User Protection Fund, the company is signaling that it is taking additional steps to enhance the security of its platform and to protect its users’ assets.

The decision to rebrand to Bitget Wallet also represents a strategic move by the company to align itself more closely with Bitget, a well-established player in the cryptocurrency derivatives exchange market. By partnering with Bitget, BitKeep will be able to tap into the expertise and resources of a company with a proven track record of success in the industry.

Overall, the compensation of affected users and the rebrand to Bitget Wallet represent important steps for BitKeep as it seeks to enhance its security and position itself for future growth. With access to the Bitget User Protection Fund, the company is well-positioned to protect its users’ assets from future security threats and to continue building a reputation as a trusted and reliable provider of cryptocurrency wallet services.

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