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XLink Reinforces Security Measures with Fireblocks and Ancilia Following $10M Breach

Algoine News
Summary:
Following a recent security breach involving $10 million in user funds, Alex Lab’s XLink, a Bitcoin bridge, has aligned with Fireblocks and Ancilia to enhance its security infrastructure. This collaboration introduces multiparty computation technology to XLink’s wallet and contract management. Ancilia will provide continuous monitoring and real-time threat detection. The breach occurred due to a private key leak, which led to unauthorized access to a smart contract holding user funds. The partnerships form part of XLink's broader strategy to improve asset security and management on its Bitcoin bridge.
In the aftermath of a recent security compromise involving $10 million of its users’ funds, XLink, a Bitcoin bridge by Alex Lab, has teamed up with Fireblocks and Ancilia. The alliance with Fireblocks will see the incorporation of multiparty computation (MPC) technology into XLink's wallet and smart contract administration. Alex’s CEO and co-founder, Chiente Hsu, detailed in a textual response to Cointelegraph that this partnership would put into action two-of-three multiparty computation wallets to secure users' assets, with keys held by the Bitcoin Oracle validator network, Fireblocks, and Coincover which provides disaster recovery services. XLink’s association with Ancilia, a Web3 security company, will result in continuous supervision and live threat discovery, enabling quick warnings and preemptive steps against breaches. According to Hsu, a private key leak, which provided "admin access" to a smart contract hosting user funds, was the root cause of the security attack. He added that their partnership with Fireblocks was poised to considerably enhance user assets' security, initially planned for late June, but has since been fast-tracked due to the recent incident. The security breach led to over 9,700 transactions being advertised by the responsible hacker, as revealed in a security update issued by the team on June 17. The X column reported that traceable transactions surged from 300 to almost 10,000 and continued to rise unabated as the wrongfully obtained Stacks (STX) funds were distributed via fresh wallet addresses. This resulted in a significant increase of unique attacker’s addresses within a week. The ongoing security enhancement effort, courtesy of the partnership with Fireblocks and Ancilia, is part of XLink's more comprehensive blueprint focussed on amplifying the security and administration of assets on the Bitcoin (BTC) bridge. In this pursuit, XLink has also formed a partnership with Cobo, a custodian of digital assets, aiming to integrate MPC technology and set new security standards in the blockchain sector. XLink remains dedicated to ensuring the secure utility of BTC across multiple blockchains via its omnichain liquidity network.

Published At

6/17/2024 4:00:00 PM

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