XLink recently unveiled a collaboration with cybersecurity firm Kaamel Technology on May 20th. This partnership aims to delve into the ‘root cause’ behind a data breach that occurred on May 15, affecting nearly $10 million worth of user funds.
According to XLink, Kaamel Technology will spearhead a comprehensive investigation, delving deep into the incident. They will also implement strategies to eradicate vulnerabilities and ensure the prevention of future breaches.
Bitcoin Bridge XLink Partners with Kaamel Technology Following Security Breach
XLink has revealed its commitment to fortify its platform’s defenses against potential breaches by intensifying collaborations with cybersecurity firms.
In a bid to bolster its security measures, XLink is fast-tracking its partnership with Ancilia Inc. to reinforce its “real-time on-chain monitoring infrastructure.” Ancilia’s pivotal role in alerting XLink to the recent attack enabled the swift action that prevented further losses of funds.
Moreover, XLink is teaming up with Cobo, its BTC custodian, to expand its infrastructure and accelerate the migration of its web3 key management to the Cobo MPC infrastructure. Highlighting its partnerships with Cobo, Ancilia, and Kaamel Technology, XLink emphasized its intention to unveil additional collaborations in the future as part of its ongoing efforts to heighten platform security.
XLink Recovers Stolen Assets
XLink experienced a security breach involving its Ethereum and Binance Smart Chain (BSC) endpoints, resulting in approximately $4.3 million in losses as the attacker acquired private keys through a phishing scheme. Fortunately, swift intervention by a white hat hacker led to the recovery of the stolen assets.
The company clarified that the breach exclusively impacted the BSC and Ethereum endpoints, with other endpoints remaining unaffected.
In response to the breach, XLink promptly halted all bridge operations to conduct a comprehensive investigation in collaboration with security experts and representatives from Binance. They advised users who interacted with the compromised contracts to revoke any approved spending limits as a precautionary measure against further risks.
In a related incident, Bitcoin layer-2 developer Alex Labs, the brains behind the XLink bridge, faced a separate attack on May 15. The attacker absconded with approximately $13.7 million worth of Stacks (STX) tokens due to compromised private keys.
