Following it’s part of their partnership with Kaamel Technology, XLink expedites previously announced security updates while looking into the root cause of the attack. On May 20, Bitcoin bridge XLink made the announcement that, as part of its first significant investigation into a recent security issue, it is collaborating with Kaamel Technology.
In tandem to this agreement, XLink has reportedly “accelerated” its efforts with Ancilia and Cobo to safeguard the Bitcoin (BTC) bridge platform from potential hacks. We are happy to declare that XLink is strengthening the security of our platform with strong measures. The strategic partnership with Kaamel Technology for Incident Response is our first significant project.
The objective of XLink’s collaboration with cybersecurity company Kaamel Technology is to fully look into “the root cause” of the May 15 hack involving over $10 million in user accounts. In order to “eliminate vulnerabilities and prevent future breaches,” Kaamel Technology will carry out a “in-depth investigation,” according to XLink.
The Bitcoin bridge is accelerating its collaboration with Ancilia Inc. to improve “real-time on-chain monitoring infrastructure” as part of XLink’s biggest project. Because to Ancilia’s notification of the current attack, XLink was able to take appropriate preventative measures before more money was pilfered. In cooperation with Cobo, XLink’s BTC custodian, other actions are also being performed.
We are quickly expanding our BTC custodian, [Cobo], whose strong configuration protected the reserve asset of aBTC, in order to hasten the transition of our web3 key management to the Cobo MPC infrastructure.
In an effort to “fortify [the] platform’s security,” XLink added that in addition to its current relationships with “Cobo, Ancilia, and Kaamel Technology,” it also has plans to announce new partnerships in the future. The compromising of the Ethereum and BNB Smart Chain (BSC) endpoints was the cause of the $10 million hack that set off XLink’s recent spate of security partnership developments.
After obtaining private keys through a phishing scheme, the attacker withdrew over $4.3 million, but a white hat hacker quickly stopped him and returned the stolen assets.
On May 15, the XLink bridge developer Alex Labs, a Bitcoin layer-2 developer, was also taken advantage of, with around $13.7 million in Stacks tokens taken by means of “compromised private keys.”