XLink, the Bitcoin bridge, has announced its collaboration with Kaamel Technology to investigate a recent security breach. In addition to this partnership, XLink has accelerated its collaborations with Ancilia and Cobo to ensure the security of the Bitcoin bridge platform against future breaches.
The main objective of XLink’s partnership with Kaamel Technology is to conduct a thorough investigation into the root cause of the breach that occurred on May 15, resulting in the loss of nearly $10 million in user funds. Kaamel Technology will carry out an in-depth investigation and implement measures to eliminate vulnerabilities and prevent future breaches.
As part of its major initiative, XLink is also 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.
Collaboration with Cobo, XLink’s BTC custodian, is also underway to strengthen the platform’s security. XLink plans to announce additional partnerships in the future as part of its efforts to fortify the platform’s security.
The security breach that prompted XLink’s series of partnership developments 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, a white hat hacker intervened and recovered the stolen assets.
On the same day, Bitcoin layer-2 developer Alex Labs, the creator of the XLink bridge, was also targeted, resulting in the theft of approximately $13.7 million worth of Stacks (STX) tokens due to compromised private keys.
In other news, Bybit faced a listing debacle for its Notcoin, and a China firm reported a 12-fold increase in profits after investing in cryptocurrencies. This is the latest update from Asia Express magazine.