As a seasoned crypto investor with a few battle scars from past market volatility and hacks, I’ve learned to keep my eyes peeled for any updates regarding security breaches or exploits in the cryptosphere. The recent news about XLink’s comeback after suffering a $10 million hack on May 15 has piqued my interest.
As a Bitcoin (BTC) blockchain bridge analyst, I can share that XLink, which has previously made a significant mark in the industry, is gearing up for a resurgence following its unexpected downtime on May 15, during which it was unfortunately targeted by hackers resulting in a substantial loss of approximately $10 million.
XLink experienced a security incident that affected its Ethereum and Binance Smart Chain (BSC) interfaces around May 15. The XLink team announced this breach initially on the morning of May 15, and they are now in the process of wrapping up their response efforts, aiming to restore regular operations by May 17.
An attacker successfully gained unauthorized access to control the BSC and Ethereum endpoints by using deceitfully obtained private keys through a phishing scam. As a result, they managed to siphon off approximately $4.3 million. Nevertheless, XLink reports that the stolen funds were swiftly retrieved by a ethical hacker.
CryptoMoon attempted to contact XLink for a response from their side regarding the recent incident, but none was received prior to publishing this article. According to XLink’s official announcement, only the networks of Binance Smart Chain (BSC) and Ethereum were affected by the exploit.
Although the BSC has seen a recovery, around $5 million worth of primarily LunarCrush tokens remain trapped on the Ethereum blockchain. However, the LunarCrush team is collaborating with XLink to ensure the safety of these funds. The largest portion of the $5 million has been successfully recovered or safeguarded.
Another $5 million worth of funds are locked on Ethereum, mainly LunarCrush tokens. The @LunarCrush team, in close coordination with the XLink team, has implemented measures to secure those tokens.
Based on XLink’s report, approximately $500,000 in cryptocurrency remnants remain trapped on Ethereum. However, over half of the initial funds have been successfully retrieved or safeguarded.
After the preliminary incident, the XLink team promptly responded by halting all activities on the bridge for a comprehensive examination. This investigation was conducted in partnership with our security associates, such as Ancilia Inc., and representatives from Binance, ensuring a collaborative effort.
As a responsible crypto investor, I would strongly recommend that you take action if you have interacted with any of the compromised XLink contracts. The XLink team has urged us all to revoke any spending limits that were previously approved. They have provided clear instructions and convenient links for both ETH and BSC users. By following these steps, we can minimize further risk to our valuable funds.
As we prepare to reopen XLink, it is urgent that Ethereum and BSC users check that their wallets have revoked access to the old compromised endpoint contracts. This step will assist in completely severing any connections with the compromised contract and mitigating any associated risks.
Users failing to do so remain at risk of losing their funds to the attacker.
A recent incident involved an attack on pump.fun, a platform for creating memecoins on the Solana network. It’s been reported that a former employee allegedly defrauded the company of close to $2 million using a “bonding curve” scheme.
Based on pump.fun’s announcement on May 16, I discovered that an ex-employee took steps to breach our internal systems. However, rest assured that our smart contracts have been declared secure following the incident. The affected parties will have their entire liquidity fully restored.
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2024-05-17 11:16