XLink Partners With Kaamel Technology to Boost Security Following $10 Million Breach
Summary:
XLink, a Bitcoin linking platform, has partnered with Kaamel Technology to examine a recent security breach that resulted in user fund losses. XLink has also expedited collaborations with ancillary support entities, Ancilia and Cobo, to enhance its Bitcoin bridge security. The company's approach involves potential future affiliations to further ensure the platform's safety. The actions were prompted by the compromise of the Ethereum and BNB Smart Chain's endpoints, which led to a $10 million hack.
Bitcoin linking platform XLink has officially declared a collaboration with Kaamel Technology on May 20, aiming to delve into a recent security infringement. As XLink reported, they are expediting their affiliations with Ancilia and Cobo in a bid to enhance the protection of their Bitcoin bridge structure against potential vulnerabilities. XLink has undertaken concrete measures to empower its security framework, with its inaugural initiative being the strategic alliance with Kaamel Technology for Incident Response.
The partnership between XLink and the cybersecurity entity, Kaamel Technology, is committed to understanding the core triggers of the May 15th infringement that resulted in a loss of almost $10 million user funds. XLink confirms that Kaamel Technology would conduct a detailed examination and develop systems that counteract exploitations and fend off future threats.
XLink has also hastened its alliance with Ancilia Inc. as a part of this initiative towards augmenting their real-time blockchain surveillance setup. This enhanced monitoring by Ancilia enabled warning signals towards the recent breach, thus permitting the bridge service to initiate proper alleviating steps prior to more funds being purloined.
Further strides towards this end involve joint actions with Cobo, the BTC keeper for XLink. Their plan involves hastening the transition of their web3 key control to Cobo's MPC system. The path charted by XLink includes potential partnerships in the days ahead, strategically aimed at augmenting the platform's stalwartness.
The loot of the $10 million that triggered XLink's security collaboration spree involved the compromise of both Ethereum and BNB Smart Chain's terminals. Though the perpetrator managed to extract around $4.3 million using sneakily obtained private keys, a white-hat hacker was able to curb further damage by retrieving the absconded assets. Alex Labs, the developer of the XLink bridge, also fell prey to an attack on May 15, losing nearly $13.7 million in Stacks tokens due to compromised private keys.
Published At
5/20/2024 4:35:08 PM
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