XLink, the Bitcoin bridge, made an announcement on May 20th revealing its partnership with Kaamel Technology as part of its first major initiative to investigate a recent security breach. This collaboration aims to thoroughly examine the root cause of the breach that occurred on May 15th, which resulted in the loss of nearly $10 million in user funds. In addition to this partnership, XLink has also accelerated its collaborations with Ancilia and Cobo to enhance the security of the Bitcoin bridge platform and prevent future breaches.
As part of this initiative, XLink is expediting its partnership with Ancilia Inc. to strengthen the real-time on-chain monitoring infrastructure. Ancilia played a crucial role in alerting XLink to the attack, allowing them to take necessary actions to mitigate the damage and prevent further loss of funds. XLink is also working closely with Cobo, its BTC custodian, to enhance the platform’s security.
In order to fortify the platform’s security, XLink is planning to announce additional partnerships in the future, in addition to its collaborations with Cobo, Ancilia, and Kaamel Technology.
The security breach that prompted these partnership developments involved the compromise of the Ethereum and BNB Smart Chain endpoints. The attacker was able to withdraw around $4.3 million by acquiring private keys through a phishing scheme. However, their attempt was thwarted by a white hat hacker who managed to recover the stolen assets.
In a separate incident, on May 15th, the creator of the XLink bridge, Alex Labs, fell victim to an exploit that resulted in the loss of approximately $13.7 million worth of Stacks (STX) tokens due to compromised private keys.
Overall, these partnerships and collaborations are part of XLink’s efforts to enhance the security of its platform and protect user funds from future breaches.