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XLink Partners with Kaamel Technology
XLink recently announced a partnership with cybersecurity firm Kaamel Technology to investigate a data breach that occurred on May 15, resulting in the loss of nearly $10 million of user funds. The collaboration aims to identify the root cause of the breach and implement measures to enhance security and prevent future incidents.
Enhanced Security Measures
To strengthen its defenses against potential breaches, XLink has accelerated collaborations with cybersecurity firms. In addition to partnering with Kaamel Technology, XLink is also working with Ancilia Inc. to enhance real-time on-chain monitoring infrastructure.
Partnerships with Cobo and Future Plans
XLink is collaborating with its BTC custodian, Cobo, to expand its setup and migrate web3 key management to the Cobo MPC infrastructure. The company plans to announce further partnerships in the future as part of its ongoing efforts to bolster the security of its platform.
XLink Recovers Stolen Assets
Following a security breach that affected its Ethereum and Binance Smart Chain (BSC) endpoints, XLink lost approximately $4.3 million. However, swift action by a white hat hacker led to the recovery of the stolen assets. The company clarified that the breach only impacted the BSC and Ethereum endpoints, with other endpoints remaining secure.
Response to the Breach
In response to the breach, XLink suspended all operations on the bridge to conduct a thorough investigation in collaboration with security experts and representatives from Binance. Users who interacted with the compromised contracts were advised to revoke any approved spending limits as a precautionary measure to mitigate further risks.
Separate Attack on XLink Creator
Bitcoin layer-2 developer Alex Labs, the creator of the XLink bridge, experienced a separate attack on May 15, resulting in the theft of approximately $13.7 million in Stacks (STX) tokens due to compromised private keys.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
