INTERLAY

DESCRIPTION OF EVENTS

"Interlay is a modular, programmable layer between Bitcoin and the multi-chain ecosystem that unlocks novel decentralized use cases for BTC."

"One app, all things Bitcoin DeFi Swap, lend, borrow against your BTC or multiply your exposure." "Put your BTC to work in DeFi - secured by a 100% transparent & decentralized network, fully covered by insurance."

"Earn on your Bitcoin but keep control of your private keys" "Operated by a globaly distributed, permissionless network" "Best in class economic security through collateral insurance" "Interlay is built on cutting-edge, peer-reviewed research"

"Interlay is a modular, programmable layer between Bitcoin and the multi-chain ecosystem that unlocks decentralized (financial) use cases for BTC. Interlay’s vision is to help Bitcoin achieve mass adoption by unlocking decentralized (financial) use cases for BTC and removing the need for centralized services. Interlay’s achieves this by creating the necessary infrastructure and financial tooling for both users and builders:

DeFi for Bitcoin: Interlay’s DeFi hub a one-stop shop for all things decentralized Bitcoin finance featuring BTC swaps, lending, and staking. High throughput, low fees payable in any asset, and native stablecoin integrations aim to provide an experience competing even with centralized providers.

Bitcoin for DeFi: Interlay’s BTC bridge is the secure way to use Bitcoin in the multi-chain ecosystem. iBTC, a 1:1 BTC-backed asset, is secured by a decentralized network of vaults. BTC deposits are insured by a multi-collateral system and secured by cross-chain light clients."

"Decentralization first. The basis for the Interlay and Kintsugi networks is a decentralized Bitcoin bridge - the only of its kind. The desire to build decentralized technology is one of the key values that bind the Interlay and Kintsugi community together."

"Polkadot issued a warning on Twitter, alerting users that the official Twitter account of Interlay, a cross-chain interoperability project, was compromised and used to post a scam message. Users are advised to be cautious and avoid clicking any links."

"This is a SCAM post. The account was compromised. Please DO NOT click on any links.

@Support being completely useless (told us „they checked and we still have access to the account so they closed the report“."

Interlay is a protocol which allows bitcoin to be used on the Polkadot network. The bitcoin is stored in vaults and iBTC tokens are issued to users on the Polkadot chain. On July 6th, Alexei Zamyatin reported that his phone number had been sim swapped. It appears that this was used to take over the InterlayHQ account and post malicious phishing links. The account was ultimately recoved, but not until the next day, due to some confusion with the Twitter support team believing the account was already recovered.

More case studies

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Key Treasury Theft

Linking The World (LW)
Transfer Logic Issue