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BitKeep completes compensation for $8M APK exploit, pronounces rebranding

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On March 29, multichain pockets BitKeep introduced that it had absolutely compensated customers affected by the 7.2.9. Android Package deal Package (APK) exploit that happened on Dec. 26, 2022. On the day of the incident, the 7.2.9. APK replace for BitKeep was maliciously swapped by hackers, leading to an estimated $8 million lack of funds from customers who downloaded the malware.

In response to BitKeep, 11,090 wallets affected by the incident have been absolutely reimbursed as of March 29. As well as, BitKeep says its customer support channels stay open to processing a number of “irregular” claims and appeals.

On the similar time, BitKeep will rebrand to Bitget Pockets following a $30 million funding final week at a $300 million valuation from the namesake cryptocurrency derivatives change. As a part of the combination, BitKeep can have entry to Bitget’s $300 million Bitget Consumer Safety Fund within the occasion of future safety threats.

Incumbent BitKeep CEO Kevin Como may even step down, whereas Karry Cheung, the agency’s present chief product officer, will turn into its new CEO. Moka Han, chief working officer at BitKeep, commented:

“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.”

In the meantime, Gracy Chen, managing director at Bitget, acknowledged:

“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.”

For its subsequent steps, BitKeep plans to develop new applied sciences, comparable to multi-party computation, account abstraction, decentralized identification, and zero-knowledge roll-ups for the Bitget Pockets. The pockets has surpassed 9.5 million customers since inception.

Associated: Multichain pockets BitKeep raises $30M at $300M valuation