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XLink announced a collaboration with cybersecurity company Kaamel Technology on May 20. This partnership aims to thoroughly examine the ‘root cause’ of a data breach that occurred on May 15, which involved nearly $10 million of user funds.
XLink indicated that Kaamel Technology would perform a ‘comprehensive investigation’ and implement measures to ‘address vulnerabilities and avert future incidents.’
Bitcoin Bridge XLink Collaborates with Kaamel Technology After Security Incident
XLink revealed that it has “intensified” partnerships with cybersecurity firms to enhance the platform’s defenses against potential breaches in the future.
XLink Security Update – May 20, 2024
We are pleased to share that XLink is taking significant steps to bolster the security of our platform. Our initial major initiative is the strategic collaboration with Kaamel Technology for Incident Response.
In light of the recent… pic.twitter.com/Lk84YdAVCc
— XLink.btc – Bridges All Bitcoin Layer 2s (@XLinkbtc) May 20, 2024
To further strengthen its security protocols, XLink is accelerating its partnership with Ancilia Inc. to enhance “real-time on-chain monitoring infrastructure.”
Ancilia played a crucial role in the recent incident by notifying XLink of the attack, enabling the bridge provider to take prompt actions that prevented further losses of funds.
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Moreover, XLink is working with Cobo, its BTC custodian, to expand its infrastructure and hasten the migration of its web3 key management to the Cobo MPC framework. XLink emphasized that in addition to its collaborations with Cobo, Ancilia, and Kaamel Technology, it intends to announce additional partnerships in the future as part of its strategy to improve the security of its platform.
XLink Recovers Stolen Assets
XLink’s security breach affected its Ethereum and Binance Smart Chain (BSC) endpoints. The breach resulted in approximately $4.3 million being lost after the attacker acquired private keys through a phishing scheme. However, prompt action by a white hat hacker led to the recovery of the stolen assets.
Xlink Security Update:
Following our announcement regarding the security incident at XLink, with the assistance of a whitehat (at 0x27055ae433e9dcb30f6ebcc1a374cf5cc03c484e), all assets belonging to Xlink users that were taken by the XLink exploiter from the affected smart contract on BSC have…
— XLink.btc – Bridges All Bitcoin Layer 2s (@XLinkbtc) May 15, 2024
The company clarified that the exploit solely impacted the BSC and Ethereum endpoints, with other endpoints remaining secure.
In response to the breach, XLink quickly suspended all operations on the bridge to enable a thorough investigation in collaboration with security experts and representatives from Binance. The company advised users who interacted with the compromised contracts to revoke any approved spending limits as a precautionary measure to reduce further risks.
In a related event, Bitcoin layer-2 developer Alex Labs, the creator of the XLink bridge, experienced a separate attack on May 15. Due to compromised private keys, the attacker stole around $13.7 million in Stacks (STX) tokens.
The post XLink Partners with Kaamel Technology to Investigate $10M Security Breach appeared first on Cryptonews.
