Kaamel Tech to Investigate XLink’s $10M Breach

On May 20, Bitcoin bridge XLink revealed a new collaboration with Kaamel Technology, as part of its initial major effort to address a recent security incident. In an official announcement, XLink stated that they have sped up their collaborations with Ancilia and Cobo to enhance security measures on the Bitcoin (BTC) bridge platform, alongside this new partnership.

XLink is determined to take strong steps to bolster its platform’s security. Their first significant measure is engaging Kaamel Technology for Incident Response. This partnership with the cybersecurity firm is intended to conduct a thorough investigation into “the root cause” of the May 15 breach, which affected nearly $10 million in user funds. Kaamel Technology will perform a detailed analysis and introduce measures to “eliminate vulnerabilities and prevent future breaches.”

In addition to its partnership with Kaamel Technology, XLink is fast-tracking an alliance with Ancilia Inc. This collaboration aims to upgrade “real-time on-chain monitoring infrastructure.” Ancilia had notified XLink about the recent attack, helping the bridge provider to take appropriate mitigation actions before further losses occurred.

Further security measures are being carried out in conjunction with Cobo, XLink’s BTC custodian. XLink mentioned that Cobo’s robust setup, which secured the reserve asset of aBTC, is being enhanced to accelerate the migration of their web3 key management to Cobo’s MPC infrastructure. XLink is committed to ensuring their platform’s security through these and other partnerships.

XLink elaborated that their strategy includes forming additional future partnerships with “Cobo, Ancilia, and Kaamel Technology” to strengthen the platform’s security. This coordinated effort follows a $10 million hack that involved compromising the Ethereum and BNB Smart Chain (BSC) endpoints. The attacker withdrew approximately $4.3 million by obtaining private keys through a phishing scheme. A white hat hacker soon intercepted and recovered the stolen assets.

In a related incident on May 15, Bitcoin layer-2 developer Alex Labs, the creator of the XLink bridge, was also targeted. During this breach, around $13.7 million in Stacks (STX) tokens were siphoned off due to compromised private keys.

XLink’s response to these breaches underscores the need for robust cybersecurity measures and strategic partnerships. By teaming up with leading cybersecurity firms, they are taking proactive steps to mitigate risks and protect user funds. This multi-faceted approach demonstrates their commitment to maintaining the integrity and security of their platform.

As XLink continues to navigate the complexities of blockchain security, their ongoing and planned initiatives will be crucial in safeguarding their systems against future threats. This effort includes leveraging advanced technologies and collaborating with industry experts, underscoring their dedication to user safety and trust.

Evaleen Dreher

Evaleen Dreher

16 thoughts on “Kaamel Tech to Investigate XLink’s $10M Breach

  1. XLink’s proactive approach to tackling security issues sets a great example for the industry. Well done!

  2. So now they’re ‘enhancing’ security? What were they doing before the breach?

  3. Great job, XLink! Partnering with Kaamel Technology for incident response is a brilliant move!

  4. Happy to see XLink taking robust actions to safeguard the platform. Security must always be a top priority!

  5. Why did it take a $10 million loss for XLink to get serious about security? A bit too late, don’t you think?

  6. Can we even trust their security measures anymore? Seems like a patchwork solution. 🤔🔒

  7. Bravo XLink! The collaboration with Kaamel, Ancilia, and Cobo is a stellar move for platform security! 🌟🔒

  8. Absolutely fantastic news from XLink! Their quick reaction and solid partnerships are commendable!

  9. XLink’s security initiatives reveal their serious commitment to user protection. Well done team!

  10. Call me skeptical, but XLink’s response feels more like damage control than a real solution. 🕵️‍♂️💣

  11. Applauding XLink for their dedication to security. These partnerships show true leadership!

  12. When a company scrambles like this after a disaster, it’s clear they’re out of their depth.

  13. XLink partnering with several firms at once is just a desperation move. Can they even handle that?

  14. XLink’s quick action and solid partnerships are impressive. They are setting a high standard in security!

  15. Kaamel Technology better be on their A-game because XLink has clearly dropped the ball.

  16. Another breach? Seems like XLink can’t get their act together. Not reassuring at all.

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