Security Vulnerability Detected in ILITY Network, Cross-Chain Bridge Suspended

The ILITY network, a cryptocurrency social platform, has experienced a security vulnerability and has suspended its cross-chain bridge. The team is collaborating with law enforcement, cryptographic forensic experts, and investors to investigate the incident, promising to provide updates as more information becomes available. On-chain analyst Specter detected that a certain wallet has unshielded 35,700 ZEC, transferring funds to the Bitcoin and Ethereum networks via NEAR Intents for cross-chain transactions. This suspected theft address is linked to the ILITY cross-chain bridge, which has had 4.1 million ILY tokens drained, and the outgoing address currently holds approximately $25 million in ZEC.

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