June 4, 2024
Bitcoin News

XLink Bitcoin Bridge Prepares Comeback After $10 Million Hack

XLink, a prominent Bitcoin blockchain bridge, is gearing up for a return after temporarily shutting down on May 15 due to a substantial hack amounting to $10 million.

The breach targeted XLink’s Ethereum and BNB Smart Chain (BSC) endpoints, resulting in the unauthorized withdrawal of approximately $4.3 million. However, a white hat hacker swiftly intervened, facilitating the recovery of the stolen assets.

Challenges on the Ethereum Blockchain

While the majority of the pilfered funds have been restored, around $5 million in LunarCrush tokens remain locked on the Ethereum blockchain.

The LunarCrush team is collaborating closely with XLink to ensure the security of these assets, with significant progress already made in recovering or securing the majority of the locked funds.

However, residual crypto assets worth approximately $500,000 are still inaccessible on the Ethereum network.

XLink Response and Mitigation Measures

In response to the breach, XLink promptly suspended all operations to conduct a thorough investigation. Collaborating with security partners and Binance team liaisons, the XLink team diligently worked to address the security lapse.

They have urged users to revoke any approved spending limits associated with compromised contracts to mitigate further risks. Detailed instructions have been provided, emphasizing the urgency for users to ensure the disconnection from compromised contracts before XLink resumes operations.

Similar Incidents in the Crypto Sphere

The XLink breach is not an isolated incident in the crypto landscape. Recently, pump.fun, a Solana memecoin creation tool, fell victim to an exploit, allegedly orchestrated by a former employee, resulting in losses of nearly $2 million. The incident underscores the persistent challenges of security vulnerabilities in the decentralized finance sector.

As XLink prepares to resume services, the crypto community remains vigilant against potential threats, highlighting the imperative of robust security measures in safeguarding digital assets.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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