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BitKeep gets more users despite multiple hacks BitKeep gets more users despite multiple hacks

BitKeep gets more users despite multiple hacks

Through several efforts, the Web3 DeFi wallet BitKeep is beefing up its influence within the digital world.

BitKeep gets more users despite multiple hacks

Cover art/illustration via CryptoSlate

Stop scaring users with your bad KYC flows

BitKeep achieved a new milestone by recording over 10 million users in April despite suffering multiple hacks in the past. 

The firm currently plans to support the ZK-Rollup ecosystem soon. The overall idea is to enhance users’ experience in Web3 exploration. Through its collaboration with the crypto derivatives exchange Bitget, BitKeep will soon be rebranded as Bitget Wallet.

BitKeep user count hits 10 million global milestone

In a blog post – BitKeep revealed that it gained about 560,000 new users in March. This growth is linked to outstanding campaigns in collaboration with other blockchain firms such as Arbitrum, Sui, etc.

Also, the firm stated that its swap had exceeded 1 million total users and $8 billion in total transaction volume.

The Web3 multi-chain DeFi wallet now boasts a valuation of $300 million. This new milestone came after a $30 million investment from a crypto derivatives exchange Bitget. Subsequently, the BitKeep platform will be rebranded as Bitget Wallet.

Notably, BitKeep highlighted the successful launch of the ARBK token through the BitKeep Arbitrum campaign. The token recorded about 708,800 on-chain transactions through the campaign. The team airdropped the token to over 100,000 active users who participated in some campaign tasks and activities.

BitKeep’s previous hacks and expansion plans

Bitkeep had suffered two exploits since its inception. In October 2022, the platform lost about $1 million worth of BNB coins through a hack. The exploiter found a vulnerability in the token swap feature on the platform.

The second attack was in December 2022 during Christmas, just two months after the first hit. The hackers infiltrated some  APK package downloads on the platform to install malicious code. Users lost almost $8 million of digital assets in ETH, USDT, BNB, and DAI.

BitKeep has been strengthening its Swap Function. It established fresh cross-chain support for Conflux eSpace and Optimism. Also, its collaborations extended to DEX aggregators like Swappi, WOO Network, and Camelot.

Further, Bitkeep is enlarging its range of products as it plans to dive into multi-party computation (MPC) and account abstraction (AA). Also, it will support the ZK-Rollup ecosystem and create more features related to Web3 DID (decentralized identity).

Posted In: DeFi, Wallets