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XLink partners with Kaamel Technology to investigate $10 million security breach

The joint effort between XLink and Kaamel Technology underscores the importance of collaboration in the technology industry in the face of growing cyber threats and the need to continuously strengthen data protection.

Date: 2024-05-21 Author: Marek Stiller
XLink partners with Kaamel Technology to investigate $10 million security breach

on May 20, XLink announced a partnership with cybersecurity company Kaamel Technology . As part of this cooperation, the “root cause” of the May 15 data security breach, which involved nearly $10 million worth of user funds, will be thoroughly investigated.

XLink stated that Kaamel Technology will conduct a “thorough investigation” and take steps to “eliminate security vulnerabilities and prevent misconduct in the future.”

The company revealed that it has “accelerated” its cooperation with cyber security companies to strengthen the platform’s protection against future breaches.

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To further improve its security measures, XLink is accelerating its partnership with Ancilia Inc. to enhance its “real-time chain monitoring infrastructure.” Ancilia played an important role in the recent incident, alerting XLink to the attack, enabling the bridge provider to take swift action that prevented additional loss of funds.

In addition, XLink is working with Cobo, the custodian of BTC, to expand the configuration and accelerate the migration of web3 key management to the Cobo MPC infrastructure. XLink stressed that in addition to its partnerships with Cobo, Ancilia and Kaamel Technology plans to announce further partnerships in the future as part of its efforts to enhance the security of its platform.

XLink recovers stolen assets

The XLink security breach involved Ethereum and Binance Smart Chain (BSC) endpoints. It resulted in the loss of about $4.3 million after an attacker obtained private keys through a phishing method. However, the company’s swift action led to the recovery of the stolen assets.

The company explained that the exploit only affected BSC and Ethereum endpoints, while other endpoints remained safe.

In response to the breach, XLink immediately suspended all operations on the bridge to facilitate a thorough investigation in cooperation with security experts and Binance liaisons. The company urged users who had contact with the compromised contracts to revoke any approved spending limits as a precautionary measure to mitigate further risk.

In a related incident, Bitcoin’s Layer 2 developer Alex Labs, creator of the XLink bridge, was the victim of a separate attack on May 15. Due to a breach of private keys, the attacker stole Stacks (STX) tokens worth about $13.7 million.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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