XLink, a prominent Bitcoin bridge, is set to resume operations following a significant $10 million security breach. The hack, which occurred on May 15, targeted the bridge’s Ethereum and Binance Smart Chain (BSC) endpoints, allowing the attacker to withdraw around $4.3 million. The breach was facilitated through compromised private keys obtained via a phishing scheme.
In a fortunate turn of events, a whitehat hacker intervened, recovering the stolen $4.3 million shortly after the attack. XLink promptly halted all operations to conduct a thorough investigation in collaboration with their security partners, including Ancilia Inc. and Binance team liaisons. Their swift action ensured that no other endpoints were compromised during the attack.
However, approximately $5 million, primarily in LunarCrush tokens, remained locked on the Ethereum blockchain. The XLink and LunarCrush teams have been working diligently to secure these funds, with the majority now recovered or secured. A residual amount of $500,000 is still locked, but ongoing efforts are aimed at securing all affected assets.
XLink issued a directive for all users to revoke any spending limits previously approved to the compromised contracts. This measure is crucial to prevent further unauthorized access and protect user funds.
The response from the crypto community has been largely supportive, appreciating XLink's transparency and prompt action. As the bridge prepares to resume full operations, users are advised to follow the provided security measures to safeguard their assets.
The incident underscores the importance of robust security protocols and community vigilance in the rapidly evolving cryptocurrency landscape. Despite the setback, XLink's recovery and commitment to security have bolstered confidence in their platform's resilience.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
