XLink onboards Fireblocks, Ancilia to prevent another $10M hack
Alex Lab’s XLink, a Bitcoin bridge, has partnered with Fireblocks and Ancilia in response to a recent security breach involving $10 million in user funds.
The collaboration with Fireblocks will introduce multiparty computation (MPC) technology to XLink’s wallet and smart contract management.
In a written QA with Cointelegraph, Chiente Hsu, CEO and co-founder of Alex, explained:
“[The] partnership with Fireblocks will implement two-of-three multiparty computation wallets to hold all these user assets, with one key held by the validator network of Bitcoin Oracle (that validates the XLink bridging events), another key held by Fireblocks and the last key held by Coincover who provides the disaster recovery service.”
Related: Kaamel Technology to lead investigation into XLink's $10M breach
New security measures
XLink’s partnership with Ancilia, a Web3 security firm, will provide continuous monitoring and real-time threat detection, offering instant alerts and proactive breach prevention measures.
Hsu explained that the “source of the hack” was a private key leak with “admin access” to a smart contract holding user assets, adding that:
“The partnership with Fireblocks will bring maximal security to our user assets, which has been planned for some time (originally scheduled for late June roll-out), but the recent incident meant we are now accelerating its deployment.”
Related: Alex Labs rolls out post-exploit recovery plan
Alex security update
The team released a security update on June 17, explaining that the attacker responsible for the breach had broadcast over 9,700 transactions.
According to the X post, traceable transactions rose from 300 to almost 10,000 without signs of slowing as new wallet addresses were created to disperse the stolen Stacks (STX) funds.
“[...]the number of attacker’s unique addresses has grew from around less than 100 to more than 4,700+ addresses in the span of 7 days. Smaller amounts of STX are transferred to thousands of new addresses, which then are later sent to CEXs.”Source: ALEX Labs
Related: Bitcoin bridge XLink resurrection underway post $10M hack
Ongoing security efforts
The new partnership with Fireblocks and Ancilia is part of XLink’s broader strategy to improve the security and management of assets on the Bitcoin ( BTC ) bridge.
XLink has also collaborated with Cobo, a digital asset custody provider, to integrate MPC technology and “establish new security standards in the blockchain industry.”
XLink continues to focus on facilitating safe BTC utility across multiple blockchains through its omnichain liquidity network.
Magazine: Musk promises ban on Apple, Greenpeace calls for Bitcoin’s PoS, and other news: Hodler’s Digest, June 9-15
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
UK faces economic stagnation in Q3 as dominant services sector falters
Share link:In this post: According to reports, the UK economy nearly ground to a halt in Q3 as the services sector slowed down. The 0.1% economic growth in Q3 was below the 0.2% growth projected by economists and the previously recorded 0.5% growth in Q2. The data comes less than a month after chancellor Rachel Reeves increased borrowing and taxes in the budget.
CME Bitcoin Friday Futures experience notable increase in institutional demand
CME’s Bitcoin Friday Futures weekly contracts have seen a significant uptick in institutional interest, reflecting growing demand for exposure to the digital asset market.Since their launch in late September, over 380,000 CME Bitcoin Friday Futures contracts have traded, reaching a daily average volume of 12,400 contracts.
Ethereum ETFs record highest weekly trading volume since launch
This past week, Ethereum ETFs recorded over $1.63 billion of trading volume, up over 44% from the previous week.The following is an excerpt from The Block’s Data and Insights newsletter.
Norwegian government proposes requiring disclosure of crypto asset ownership