Cross-chain wallet BitKeep changes name to Bitget Wallet after acquisition

August 10, 2023 Coin Telegraph

Bitget

The exchange follows the likes of Binance, KuCoin and OKX in running self-custody wallets parallel to CeFi operations.

Cross-chain wallet BitKeep has changed its name to Bitget Wallet after the crypto exchange purchased a controlling stake for $30 million in March.

According to the Aug. 10 announcement, the name change is coupled with the launch of Bitget Swap, a cross-chain swap mechanism within the wallet that developers say sources liquidity from approximately 100 decentralized exchanges across 20 chains.

With the integration, Bitget Wallet users will share, along with exchange users, a $360 million Bitget User Protection Fund composed of 6,500 Bitcoin (BTC), 120 million Tether (USDT) and 40 million USD Coin (USDC) to safeguard against security incidents. The exchange created the $300 million fund following the collapse of crypto exchange FTX last November. Since then, the firm said a recovery in Bitcoin prices has led to a $60 million capital appreciation.

Last December, the BitKeep wallet suffered a security exploit when its Android Package Kit (APK) was hijacked with malware, leading to around $8 million in losses from users who installed the package and subsequently had their wallets drained. On March 29, the firm announced it had fully compensated $8 million to victims who downloaded the malware.

Speaking to Cointelegraph on user protection, Moka Han, chief operating officer of Bitget Wallet, said cross-chain bridges undergo “rigorous third-party security audits” from the likes of SlowMist and CertiK before they are deployed on the software and are closely monitored post-deployment.

In its next steps, Han said Bitget Wallet recently integrated five stable payment channels — Banxa, Simplex, Alchemy Pay, MoonPay and FaTPay — that allow users to purchase cryptocurrencies within the wallet via credit cards, Google Pay and Apple Pay. The firm has also rolled out a peer-to-peer marketplace where “security measures are enforced to safeguard from both ends."

The Bitget wallet is one of the most popular wallets in the Asia Pacific region. The firm claims the software has over 10 million users, or roughly half of the user count of MetaMask. Other cryptocurrency exchanges, such as OKX, KuCoin and Binance, have also branched out to running self-custody wallets parallel to exchange operations in recent years.

BitKeep has completed the upgrade to @BitgetWallet!https://t.co/0pHOz993Nn
— Gracy Chen @Bitget (@GracyBitget) August 10, 2023

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Wallet providers introduce BRC-20 token support despite market drawdown

June 21, 2023 Coin Telegraph

BitKeep

There are currently more than 34,000 types of BRC-20 tokens in circulation.

On June 21, self-custody wallet provider BitKeep announced support for BRC-20 tokens issued on the Bitcoin network. With the feature, users can view, rank and transfer BRC-20 tokens and nonfungible tokens (NFTs). Developers also stated BRC-20 in-wallet swaps are coming “in [the] future."

Last month, cryptocurrency exchange OKX also announced support for BRC-20 assets via the OKX Wallet app. Many centralized and decentralized exchanges have also rolled out BRC-20 support.

Although bullish on its outlook, Trust Wallet currently does not support BRC-20 tokens. They also cannot currently be stored on MetaMask.

Best wallet for your #BRC20 assets!
️ Great news: BitKeep now supports #BTC #Taproot addresses! Easily manage your #Ordinals BRC20 Token/NFT assets in BitKeep wallet, and complete transactions with a simple click
In future, we will also support the BRC20 #Swap function! pic.twitter.com/W48wsNH5kh
— BitKeep Wallet (@BitKeepOS) June 21, 2023

Despite adoption, however, the current market cap of BRC-20 tokens is $154.5 million, representing a nearly 85% decline from its all-time high in May during the peak of the memecoin craze. Although originally aided by investor interest in minting BRC-20 NFTs, the vast majority of BRC-20 tokens’ market cap currently consists of memecoins such as WZRD, PIZA and PEPE.

As told by BitKeep, BRC-20 is a new token standard that utilizes Ordinals and Inscriptions to create new assets on Bitcoin (BTC). Ordinals enable the creation of fungible tokens on top of Bitcoin. Meanwhile, Inscriptions allow users to create unique digital assets on the Bitcoin blockchain. Together, they form the BRC-20 token standard that allows users to deploy, mint and transfer Bitcoin assets.

Unlike the ERC-20 token standard, BRC-20 tokens cannot perform complex functions and are limited to the three aforementioned features. The protocol was created by Twitter user Domo on March 8, 2023. Since then, 34,652 BRC-20 token types have been deployed. In comparison, there could be as many as 400 million ERC-20 tokens on Ethereum. Domo has personally stated that the BRC-20 standard is “worthless” and that users should “not waste money mass minting” this “fun experiment."

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

March 29, 2023 Coin Telegraph

BitKeep completes compensation for M APK exploit, announces rebranding

Bitget

BitKeep Wallet will now be known as Bitget Wallet following a $30 million investment from the namesake crypto derivatives exchange last week.

On March 29, multichain wallet BitKeep announced that it had fully compensated users affected by the 7.2.9. Android Package Kit (APK) exploit that took place on Dec. 26, 2022. On the day of the incident, the 7.2.9. APK update for BitKeep 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 March 29. In addition, BitKeep says its customer service channels remain open to processing several “irregular” claims and appeals.

At the same time, BitKeep will rebrand to Bitget Wallet following a $30 million investment last week at a $300 million valuation from the namesake cryptocurrency derivatives exchange. As part of the integration, BitKeep will have access to Bitget’s $300 million Bitget User Protection Fund in the event of future security threats.

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

Incumbent BitKeep CEO Kevin Como will also step down, while Karry Cheung, the firm’s current chief product officer, will become its new CEO. Moka Han, chief operating 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.”

Meanwhile, Gracy Chen, managing director at Bitget, stated:

“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 next steps, 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 inception.

Multichain Wallet Bitkeep Raises $30 Million From Bitget to Strengthen Links Between Defi and Cefi

March 23, 2023 Bitcoin.com

Multichain wallet BitKeep raises $30M at $300M valuation

March 22, 2023 Coin Telegraph

Multichain wallet BitKeep raises M at 0M valuation

Bitget

The firm previously raised $15 million at a $100 million valuation in May 2022.

On March 22, cryptocurrency derivatives exchange Bitget announced a $30 million investment into the multichain wallet BitKeep at a $300 million valuation. The deal will see Bitget become the controlling shareholder of BitKeep and allow the latter to “access to the exchange’s proven technology and security capabilities in the exchange domain, thus helping it improve the stability and security of its services.” Gracy Chen, managing director at Bitget, commented:

“Being one of the most trusted crypto exchanges with a $300 million user protection fund, we know how much security and reliability mean to cryptocurrency users and are confident that the integration of our native solutions in this domain into BitKeep’s framework will bolster its image as an attractive wallet.”

Meanwhile, Moka Han, chief operating officer at BitKeep, added:

“The investment deal implies not only financial but also technical support, which will be provided to us by a professional team along with the experience necessary for product growth and market expansion. We are excited about this partnership and the potential it has to provide our users.”

BitKeep is a self-custody wallet popular among users in the Asia-Pacific region, although it also has a substantial global presence. Aside from providing access to decentralized finance protocols and non-fungible tokens, the wallet is known for its ability to process cross-chain swaps of digital assets between different blockchains within the application itself. The firm says BitKeep wallet has surpassed 8 million users and supports over 250,000 cryptocurrencies across 80 blockchains. Previously in May 2022, BitKeep raised $15 million at a valuation of $100 million, with Dragonfly Capital leading the investment.

“This is one of Bitget’s crucial moves towards Web3 entry as part of its new Go Beyond Derivatives strategy, which foresees linking CeFi and DeFi, transforming the platform from a leading contract exchange to a comprehensive and holistic exchange with its own ecosystem.“

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Ride With BitKeep and Seize the Opportunity as Arbitrum Argonaut Makes Waves

March 3, 2023 Bitcoin.com

BitKeep remains on track to fully compensate victims of $8M APK exploit

March 2, 2023 Coin Telegraph

BitKeep

The company says users' losses will be 100% reimbursed by mid-March.

According to an official Telegram statement on March 1, Singaporean cross-chain crypto wallet developer BitKeep says it has reimbursed 50% of user assets lost during a security breach stemming from Dec. 26, 2022. On the date of the incident, an estimated $8 million was stolen by hackers after BitKeep's APK 7.2.9 (Android Package Kit) installation package was hijacked and swapped. Users who downloaded the malware subsequently saw their private keys compromised, leading to the theft of assets.

As told by BitKeep, a total of 6,731 verified addresses were breached during the incident. The firm has since completed reimbursing 50% of stolen assets in the affected addresses, with "expedited processing" for the remaining 50% of funds. BitKeep says it will complete its compensation plan ahead of schedule and release the remaining funds within two weeks.

In a statement to Cointelegraph, a spokesperson for BitKeep said the company has yet to recover the remaining assets through law enforcement efforts, and all reimbursements are "currently coming out of the company's own pockets, including those to be completed in the near future." As told by the spokesperson:

"BitKeep is adamant about the safety of users' assets and that is why we have stepped up to take responsibility for all damages as a result of the incident. Users' losses are being compensated by BitKeep's 2022 revenue and its Secure Assets Fund, and we will complete all reimbursements by March. Finally, we would like to express our gratitude to our users for their trust and support, as well as to our partners for working with us to overcome the recent challenges."

On Dec. 29, three days after the incident, BitKeep announced that it had alerted law enforcement and would reimburse 100% of users' losses. The wallet currently has over 8 million users worldwide. Last May, the firm raised $15 million in its Series A at a valuation of $100 million.

Dear BitKeepers:

Our team has been doing its best to review various compensation possibilities to recover the losses for our users involved since the 729 APK hack safely. The latest update of compensations is as follows:

1/4
— BitKeep Wallet (@BitKeepOS) March 2, 2023

Over $8,000,000 Worth of Ethereum (ETH), Binance Coin (BNB), Tether (USDT) and DAI Stolen in Crypto Wallet Hack

December 27, 2022 The Daily Hodl

BitKeep CEO says some users’ private keys remain at risk after exploit

December 27, 2022 Coin Telegraph

BitKeep

The blockchain executive urged users who downloaded the BitKeep 7.2.9. APK malware to transfer their assets immediately.

According to a letter posted on Chinese blockchain news publisher Odaily.com on Dec. 27, Kevin Como, the anonymous CEO of BitKeep, warned that users’ private keys are still at risk after a security incident on Dec. 26 led to over $13 million in losses at the time of publication. BitKeep is one of the more popular noncustodial, decentralized finance multichain wallets with over 6 million users. Specifically, Como wrote:

“This was a large and atrocious hacker attack incident. The BitKeep APK 7.2.9 (Android Package Kit) installation package was hijacked and swapped by the hacker, and as a result, some users already installed the APKs that were planted malware by the hackers, leading to a leak of users’ private keys.”

Como urged users who had already downloaded the Android APK 7.2.9. to transfer their digital assets to a new wallet. “It is probable that [these wallets] already had their private keys leaked,” the crypto executive wrote.

In terms of progress, Como explained that the BitKeep team has already been in contact with blockchain security firms, such as SlowMist, to trace the stolen funds. “We have actively collected information about users’ stolen assets, made a complete recollection of hacking procedures and timeline, and have collected evidence of the Android 7.2.9 APK malware,” he stated.

Web3 data analytics firm OKLink first reported yesterday that the attacker set up several fake BitKeep websites that contained an APK file that looked like version 7.2.9 of the BitKeep wallet. Users who downloaded and interacted with the malicious file then had their private keys or seed words stolen and sent to the attacker.

【12-26 #BitKeep Hack Event Summary】
1/n

According to OKLink data, the bitkeep theft involved 4 chains BSC, ETH, TRX, Polygon, OKLink included 50 hacker addresses and total Txns volume reached $31M.
— OKLink (@OKLink) December 26, 2022

BitKeep

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