Bitcoin Startup KeepKey Ends Support For Multibit Wallet Software

The long-running bitcoin wallet Multibit is being discontinued, the firm that bought it last year has announced.

Jul 27, 2017 at 10:00 p.m. UTC
Updated Sep 13, 2021 at 6:46 a.m. UTC

The long-running bitcoin wallet Multibit is being discontinued, the firm that bought it last year has announced.

Dating back to 2011, Multibit was a popular choice among community members, hitting a one-million-downloads milestone in early 2014. And as CoinDesk reported in May of last year, hardware wallet provider KeepKey moved to acquire Multibit for an undisclosed amount that was denominated in bitcoin. The original developers behind Multibit departed the project following the sale.

Just over a year later, KeepKey CTO Ken Hodler has announced the startup will no longer maintain the wallet software.

The reason: the code, according to Hodler, is in dire need of a reworking, especially in the light of an overall increase in network fees as well as forthcoming changes to bitcoin's code aimed at increasing the thoughput of transactions.

He wrote in a blog post yesterday:

"The reality is that Multibit is in need of a lot of work. It has stubborn bugs that have caused us and Multibit users much grief. Additionally, bitcoin has gone through a fundamental change in regards to the way fees work. The addition of SegWit in the coming weeks will mean the Multibit software has fallen still further behind."

Support for the software, Hodler said, will be ending effective immediately, and he suggested that users move their funds to another wallet. He concluded the post by thanking the past developers of the wallet software.

"Multibit was a fantastic piece of software in its time, and we want to thank the Multibit developers for such an important contribution to Bitcoin's history," he wrote.

Image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Terra’s LUNA Gains, Then Slides, After Do Kwon's Fork Proposal

Traders sold the tokens even as founder Do Kwon proposed a separate chain to make up for last week’s implosion of UST.

Traders sold the tokens even as founder Do Kwon proposed a separate chain to make up for last week’s implosion of UST.

2
Breaking Barriers to the Web 3 Creator Economy

The latest innovations in blockchain technology are enabling creators to earn more from their work and achieve an unprecedented level of autonomy.

The latest innovations in blockchain technology are enabling creators to earn more from their work and achieve an unprecedented level of autonomy.

3
How Not to Run a Cryptocurrency Exchange

At Japan's Liquid exchange, recently acquired by FTX, warnings were ignored, breaches unreported and employees berated and cursed at, insiders say.

At Japan's Liquid exchange, recently acquired by FTX, warnings were ignored, breaches unreported and employees berated and cursed at, insiders say.

4
Morgan Stanley Warns NFTs Next to Watch After UST Collapse, Bukele Announces Mega Banks Meeting in El Salvador

The most valuable crypto stories for Monday, May 16, 2022.

The most valuable crypto stories for Monday, May 16, 2022.