XLink Bounces Back and Prepares to Resume Operations after $10M Hack Recovery
Summary:
XLink, a Bitcoin blockchain bridge, is set to restart operations after recovering from a $10 million hack that exploited its Ethereum and BNB Smart Chain endpoints. The company could mitigate losses as a whitehat hacker retrieved most of the stolen assets shortly after the breach. An investigation in conjunction with Ancilia Inc. and Binance team liaisons was initiated. XLink advises all users who interacted with the compromised contracts to revoke any pre-approved spending limits and issued guidelines to minimize potential risks.
After falling victim to a $10 million hack which led to its shutdown on May 15, Bitcoin (BTC) blockchain bridge, XLink, is on track for recovery and resumption of regular operations. The hack involved a security exploit of XLink's Ethereum and BNB Smart Chain (BSC) endpoints. A phishing scam orchestrated by the hacker yielded compromised private keys, granting control over the BSC and Ethereum endpoints, and unauthorized withdrawal of approximately $4.3 million. Shortly after the hack, however, a whitehat hacker reclaimed the stolen assets. XLink confirmed that only the BSC and Ethereum endpoints were impacted by this hack.
Despite the reclaimed assets from the BSC hack, an aggregate of $5 million in LunarCrush tokens is still secured and inaccessible on the Ethereum blockchain. XLink and LunarCrush are collaboratively engaging in efforts to unlock these funds. Aside from the LunarCrush tokens, crypto funds worth around $500,000 remain locked within the Ethereum blockchain.
In light of occurring events, XLink temporarily halted all operations on the bridge for a comprehensive examination of the incident, with Ancilia Inc. and their Binance team liaisons joining forces in carrying out the investigation. XLink has advised all users who partook in transactions with the hacked contracts to revoke any pre-approved spending limits. The team has also provided detailed instructions and links for both ETH and BSC users to minimize potential risks to their funds. Users who don't adhere to these measures risk losing their funds to the hacker.
Another recent hack which shook the cyberspace targeted pump.fun, a Solana memecoin creation tool. It is alleged that a former employee siphoned off close to $2 million via a "bonding curve" attack. The former staff member is claimed to have compromised the firm's internal systems. The smart contracts were later declared secure, and the affected will have the entirety of their liquidity returned.
Published At
5/17/2024 11:13:20 AM
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