XLink, the Bitcoin bridge, made an announcement on May 20 regarding its partnership with Kaamel Technology. This collaboration is part of XLink’s first major initiative to investigate a recent security breach. The company is also working with Ancilia and Cobo to enhance the security of the Bitcoin bridge platform.
In response to the breach that occurred on May 15, where nearly $10 million in user funds were compromised, XLink aims to identify the root cause of the incident. Kaamel Technology, a cybersecurity firm, will conduct a thorough investigation and implement measures to eliminate vulnerabilities and prevent future breaches.
As part of their initiative, XLink is also expediting their partnership with Ancilia Inc. to enhance the real-time on-chain monitoring infrastructure. Ancilia played a crucial role in alerting XLink about the attack, enabling them to take appropriate actions to mitigate further losses.
Additionally, XLink is collaborating with Cobo, their BTC custodian, to further strengthen the platform’s security. The company intends to announce more partnerships in the future as part of their efforts to fortify the platform.
The recent hack that prompted XLink’s focus on security partnerships involved the compromise of the Ethereum and BNB Smart Chain endpoints. The attacker used a phishing scheme to acquire private keys and withdrew approximately $4.3 million. 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 exploited, resulting in the loss of around $13.7 million worth of Stacks (STX) tokens due to compromised private keys.
In other news, Bybit faced a listing debacle with Notcoin, and a Chinese firm reported a 12-fold increase in profits after a crypto acquisition.