Crypto News Today- XLink Bitcoin Bridge Resurgence in Progress Following $10M Hack

XLink Bitcoin Bridge Rebuilding Momentum After $10M Hack

Crypto News– XLink, a well-established Bitcoin blockchain bridge, is gearing up for a comeback after being forced to shut down on May 15 due to a $10 million hack.

The security breach affected XLink’s Ethereum and BNB Smart Chain (BSC) endpoints. The XLink team revealed the breach in the early hours of May 15, and as May 17 draws to a close, the team is preparing to resume normal operations. The attacker exploited compromised private keys through a phishing scheme, gaining control over the BSC and Ethereum endpoints and withdrawing approximately $4.3 million without authorization. However, XLink reported that a white hat hacker promptly recovered the stolen assets.

XLink Bitcoin Bridge Rebounding Strongly Post $10M Hack: Rapid Response and Collaborative Investigation Ensued

Following the initial incident, the XLink team swiftly responded by temporarily suspending all operations on the bridge to conduct a comprehensive investigation. The inquiry was conducted in collaboration with the team’s security partners, including Ancilia, and their liaisons from the Binance team.

In a separate incident, pump.fun, a Solana memecoin creation tool, recently fell victim to another exploit, where it was alleged that a former employee defrauded the company of nearly $2 million through a bonding curve attack.

According to pump.fun, the ex-employee took actions to compromise the protocol’s internal systems on May 16. However, the smart contracts have been declared safe, and victims of the incident will have 100% of [their] liquidity restored.

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