XLink, the Bitcoin bridge, made an announcement on May 20th regarding its partnership with Kaamel Technology. This collaboration is part of XLink’s first major initiative to investigate a recent security breach. In addition, XLink has also accelerated its collaborations with Ancilia and Cobo to enhance the security of the Bitcoin bridge platform and prevent future breaches.
The main focus of XLink’s partnership with Kaamel Technology is to conduct a thorough investigation into the root cause of the breach that occurred on May 15th. This breach resulted in the loss of nearly $10 million in user funds. Kaamel Technology will be conducting an in-depth investigation and implementing measures to eliminate vulnerabilities and prevent similar breaches in the future.
As part of its major initiative, XLink is expediting its partnership with Ancilia Inc. to enhance the real-time on-chain monitoring infrastructure of the Bitcoin bridge. Ancilia played a crucial role in alerting XLink to the recent attack, allowing them to take appropriate actions to mitigate the damage and prevent further loss of funds.
XLink is also collaborating with Cobo, its BTC custodian, to further strengthen the platform’s security. These partnerships with Cobo, Ancilia, and Kaamel Technology are just the beginning, as XLink plans to announce additional partnerships in the future as part of their efforts to fortify the platform’s security.
The $10 million hack that prompted XLink to forge these security partnerships involved the compromise of the Ethereum and BNB Smart Chain endpoints. The attacker managed to withdraw around $4.3 million by acquiring private keys through a phishing scheme. However, their efforts were thwarted by a white hat hacker who was able to recover the stolen assets.
In addition to the breach on the Bitcoin bridge, Alex Labs, the developer of XLink, also fell victim to an exploit on May 15th. Approximately $13.7 million worth of Stacks (STX) tokens were siphoned due to compromised private keys.
In other news, Bybit’s recent listing debacle with Notcoin and a China firm’s 12-fold increase in profits after a crypto purchase were featured in the latest issue of Asia Express magazine.