Alex Lab’s XLink, a revolutionary Bitcoin bridge, has joined forces with Fireblocks and Ancilia following a recent security breach involving $10 million in user funds.
The partnership with Fireblocks will bring multiparty computation (MPC) technology to XLink’s wallet and smart contract management systems.
In an interview with Cointelegraph, Chiente Hsu, the CEO and co-founder of Alex Lab, shed light on the collaboration:
Kaamel Technology to spearhead investigation into XLink’s $10M breach
Enhanced Security Measures
Teaming up with Ancilia, a leading Web3 security company, XLink will now benefit from continuous monitoring and real-time threat detection, ensuring immediate alerts and proactive breach prevention measures.
Hsu revealed that the breach was a result of a private key leak with “admin access” to a smart contract containing user assets:
Alex Lab unveils post-breach recovery plan
Security Update from Alex Lab
On June 17, the team released a security update, disclosing that the attacker behind the breach had carried out over 9,700 transactions.
As per the X post, traceable transactions surged from 300 to nearly 10,000, with no signs of slowing down as new wallet addresses were created to disburse the stolen Stacks (STX) funds.
Source: ALEX Labs
Bitcoin bridge XLink on the road to recovery after $10M hack
Continuous Security Initiatives
The recent partnership with Fireblocks and Ancilia is a key element of XLink’s comprehensive strategy to enhance the security and supervision of assets on the Bitcoin (BTC) bridge.
Additionally, XLink has teamed up with Cobo, a trusted digital asset custody provider, to incorporate MPC technology and set new security benchmarks in the blockchain sector.
XLink remains dedicated to enabling secure BTC utility across various blockchains through its omnichain liquidity network.
In other news: Musk vows to ban Apple, Greenpeace advocates for Bitcoin’s PoS, and more in Hodler’s Digest, June 9-15.
XLink partners with Fireblocks and Ancilia to enhance security measures following 10M hack