XLink Partners with Fireblocks and Ancilia to Enhance Security Measures Following $10M Breach

Title: Alex Lab’s XLink Partners with Fireblocks and Ancilia to Enhance Security Measures Following $10M Breach

In response to a recent security breach involving $10 million in user funds, Alex Lab’s XLink has announced a strategic partnership with Fireblocks and Ancilia to bolster security measures and prevent future incidents.

The collaboration with Fireblocks will introduce multiparty computation (MPC) technology to XLink’s wallet and smart contract management. This innovative approach will involve two-of-three multiparty computation wallets to securely hold user assets, with keys distributed among the validator network of Bitcoin Oracle, Fireblocks, and Coincover for disaster recovery.

Additionally, XLink has partnered with Ancilia, a Web3 security firm, to provide continuous monitoring and real-time threat detection. This partnership aims to offer instant alerts and proactive breach prevention measures to safeguard user assets.

Chiente Hsu, CEO and co-founder of Alex Lab, emphasized the importance of these new security measures in light of the recent breach. The team is accelerating the deployment of these measures to ensure maximal security for user assets.

In a security update released on June 17, XLink revealed that the attacker responsible for the breach had broadcast over 9,700 transactions. The team is actively monitoring the situation as traceable transactions continue to rise, with thousands of new wallet addresses created to disperse the stolen Stacks (STX) funds.

The partnership with Fireblocks and Ancilia is part of XLink’s broader strategy to enhance the security and management of assets on the Bitcoin bridge. The company has also collaborated with Cobo, a digital asset custody provider, to integrate MPC technology and establish new security standards in the blockchain industry.

XLink remains committed to facilitating safe BTC utility across multiple blockchains through its omnichain liquidity network. The new security measures and partnerships are a testament to the company’s dedication to protecting user funds and preventing future security breaches.