XBridge Suspicious Transactions

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XBridge Logo/Marketing Banners

XBridge is an innovative cross-chain bridging platform with very catchy marketing videos. On April 24th, coincident with Twitter promotions, the protocol suffered an exploit which drained over $1m worth of value. The website appears to have subsequently displayed a maintenance page. There don't appear to be any updates showing up on Twitter.

This is a global/international case not involving a specific country.

About XBridge

"Step into the world of cutting-edge innovation!" "Saitama is proud to introduce you to the next generation of blockchain technology- XBridge."

"Unlock the limitless power of blockchain and reshape your trading and investment game like never before"

"Make the smoothest transfers possible at lower premium transaction costs, across multiple blockchains!"

"The cross-chain bridge X Bridge has experienced multiple suspicious transactions, which are still ongoing. A suspicious address was recently funded by Tornado Cash on BNBChain, then bridged to ETH, and subsequently deposited 0.15 ETH into 'OwnedUpgradeabilityProxy.' Shortly after, a withdrawal of 482M STC totaling $824K was made from your 'OwnedUpgradeabilityProxy' contract."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

• Known history of when and how the service was started.
• What problems does the company or service claim to solve?
• What marketing materials were used by the firm or business?
• Audits performed, and excerpts that may have been included.
• Business registration documents shown (fake or legitimate).
• How were people recruited to participate?
• Public warnings and announcements prior to the event.

Don't Include:

• Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
• Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

• When the service was actually started (if different than the "official story").
• Who actually ran a service and their own personal history.
• How the service was structured behind the scenes. (For example, there was no "trading bot".)
• Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - XBridge Suspicious Transactions

Date	Event	Description
February 1st, 2024 2:03:00 AM MST	Website Maintenance	The XBridge webstie undergoes maintenance, which appears to be unrelated to the incident.
March 29th, 2024 4:35:52 AM MDT	XBridge Website Capture	The last capture of the XBridge webstie being online prior to the exploit.
April 24th, 2024 1:15:47 AM MDT	Malicious Contract Creation	The creation of the malicious contract.
April 24th, 2024 1:19:35 AM MDT	First Exploit Transaction	The very first exploit transaction on the XBridge protocol.
April 24th, 2024 1:28:00 AM MDT	Limitless Potential	XBridge posts a promotional tweet, instructing users to "[d]iscover limitless potential with XBridge", the "innovative cross-chain platform [which] opens doors to new markets, unlocks asset advantages, and leads in liquidity". This appears to be their last tweet prior to the incident.
April 24th, 2024 1:39:35 AM MDT	Exploit Transaction	A second exploit transaction on the Ethereum chain to drain 1,372,522,850.794421868 SRLTY tokens, worth $186k.
April 24th, 2024 2:09:00 AM MDT	Cyvers Alert Tweet	Cyvers publishes an alerta about the suspicious transactions.
April 24th, 2024 2:15:45 AM MDT	PANewsLab Article	PANewsLab publishes an article about the exploit (in Chinese) based on the tweet.
May 15th, 2024 11:30:44 AM MDT	Website Offline Capture	A capture is taken of the website being offline.

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

The total amount lost has been estimated at $1,011,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.