ILITY confirms a security incident on its network, and the cross-chain bridge has been suspended.

PANews October 19 news: ILITY announced on the X platform on October 17 that a security incident occurred in the ILITY Network, that the ILITY cross-chain bridge has been temporarily closed, and that it is cooperating with law enforcement agencies, cryptographic forensics experts, and investors in an investigation, and has not yet disclosed the amount of losses or attack details.

On-chain analyst Specter said that a wallet was observed transferring about 35,700 ZEC (then worth about $41 million) out of a privacy pool, and that the funds were subsequently transferred via NEAR Intents and multiple addresses to the Bitcoin and Ethereum networks. Its tracing concluded that the relevant addresses are associated with the ILITY cross-chain bridge, and it said that about 4.1 million ILY tokens flowed out of the bridge. Due to the privacy features of Zcash, whether this ZEC belongs to stolen funds and its exact relationship with the ILITY incident have not yet been confirmed.