XLink Enlists Fireblocks, Ancilia to Avert $10M Hack
3 min read
XLink Enlists Fireblocks, Ancilia to Avert $10M Hack
In light of a recent security compromise that resulted in the loss of $10 million of user funds, Alex Lab’s XLink, a bridge for Bitcoin, has joined forces with Fireblocks and Ancilia. This collaboration aims to bolster XLink’s wallet and smart contract management by incorporating multiparty computation (MPC) technology, delivered by Fireblocks. Chiente Hsu, the CEO and co-founder of Alex Lab, detailed in a Q&A session with that the partnership would involve a two-of-three MPC wallet system. This system would have one key controlled by the validator network for Bitcoin Oracle, another by Fireblocks, and the third by Coincover, which is responsible for disaster recovery services.
The alliance with Ancilia, a security firm specializing in Web3 technology, promises continuous monitoring and real-time threat detection for enhanced security measures. Ancilia’s involvement aims to provide instant alerts and proactive measures to prevent breaches. Hsu revealed that the security breach resulted from a private key leak, which had administrative access to a smart contract handling user assets. Originally, the deployment of enhanced security features in collaboration with Fireblocks was scheduled for late June, but the recent incident has expedited this timeline.
Following the breach, the team issued a security update on June 17. They reported that the attacker executed over 9,700 transactions. Notably, traceable transactions surged from 300 to nearly 10,000 as the attacker created new wallet addresses to distribute the stolen Stacks (STX) funds. “[…]the number of attacker’s unique addresses has grown 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,” the update noted.
This new partnership with Fireblocks and Ancilia represents just one aspect of XLink’s comprehensive strategy to enhance security and asset management on its Bitcoin bridge. In addition to these collaborations, XLink has joined hands with Cobo, a provider of digital asset custody solutions, to incorporate MPC technology. Together, they aim to set new security benchmarks within the blockchain industry.
XLink remains committed to ensuring the safe utility of Bitcoin across various blockchains. By leveraging its omnichain liquidity network, the platform seeks to provide secure and seamless Bitcoin transactions. The recent addition of MPC technology is a significant step toward achieving this goal, reinforcing the platform’s dedication to user security and trust.
The breach has highlighted the need for rigorous security protocols, prompting XLink to prioritize the deployment of advanced solutions. The collaboration with multiple security experts underscores their commitment to safeguarding user assets and maintaining the integrity of the platform.
Alex Lab’s XLink is on a path to recover from the security setback by partnering with top-tier security firms. This proactive approach is expected to restore confidence among users and ensure the long-term security and reliability of the Bitcoin bridge.
The ongoing improvement of security protocols and practices signifies a robust response to the challenge posed by the recent breach. The swift actions taken by XLink and its partners demonstrate a resolute commitment to the protection and management of digital assets within the blockchain space.
The breach highlighted a glaring lack of preparedness. Makes you wonder what other security flaws are lurking.
Having fancy tech like MPC is great, but the real issue is lax security protocols that let the breach happen in the first place.
Restoring confidence among users will take more than just partnerships; it needs systemic change. Trust isn’t easily rebuilt.
Proud of how far XLink has come in bolstering security measures post-breach.
Way to go Alex Lab! Ensuring safer transactions is the way forward.
Impressed with the new security measures! Alex Lab sets the bar high for blockchain security.
The new partnerships with Fireblocks and Ancilia are exactly what XLink needed. Kudos! 👏🔐
Great move by XLink! Collaborations like these set new standards in blockchain security. 🙌🔒
Great to see XLink taking swift action to secure user funds! Teamwork makes the dream work! 💪🔒
Loving the proactive approach XLink is taking. User trust is key!
Exciting times ahead for XLink. Stronger security with Fireblocks and Ancilia!
Way to turn a setback into a step forward! Great to see proactive measures being implemented.
Fantastic to see such swift and comprehensive action taken by XLink post-breach.
It’s hard to get excited about ‘enhanced security features’ after such a massive breach. Prove it works, not just talk about it.
Bringing in experts now feels like trying to lock the barn door after the horse has bolted.
I’m skeptical that new tech can fix deeply rooted security issues exposed by this breach. We need transparency and accountability. 🔍⚠️
Kudos to the XLink team for such a swift and robust response to the breach. 🛡️🏆
The collaboration between XLink, Fireblocks, and Ancilia is a game-changer! User security is paramount. 🔥🔐
Alex Labs commitment to security reassures us all. Well done on the new partnerships!
Excited to see the positive changes coming from this collaboration!
Why did it take a $10 million loss for XLink to take security seriously? This is unacceptable.
Collaborating with top-tier firms after the fact feels like damage control, not genuine security improvement. Just trying to save face?
It’s reassuring to see XLink prioritize security so highly. Great job!
Hsu and team are doing a fantastic job responding to the breach. Security first!
Multiparty computation (MPC) sounds fancy, but will it really prevent another breach? 🤔 Trust is already shattered. 😭
The new security initiatives are a testament to XLink’s dedication to protecting user assets.
Continuous monitoring and real-time threat detection should’ve been there from the start. Poor foresight, XLink!
The $10 million loss casts a permanent shadow. XLink needs to do more than just patch the holes. They need a fortress mentality.
9,700 transactions and 4,700 addresses? How did it escalate so far? Clearly, XLinks monitoring was non-existent.
9,700 transactions by the attacker before action was taken?! That’s way too slow. 🐢 How can we trust XLink now?
XLink’s commitment to enhanced security is commendable! A model for other blockchain platforms.
Fireblocks, Ancilia, Cobo all this after the breach? Where was this proactive approach before?
Feeling more secure about XLink with Fireblocks and Ancilia on board! 💼🔐
Enthusiastic about the upcoming security improvements! 🤩🛡️
This partnership is a brilliant strategy to enhance asset security! Well done!
Joining forces with security firms now is too little, too late. The damage is already done. 🚫🔑
Great move XLink! Collaborations like these pave the way for a safer ecosystem.
Well done, XLink! Strengthening security with industry leaders shows true commitment.
Kudos to Alex Lab for stepping up their security measures! This is exactly the kind of proactive approach the industry needs.
Impressive team-up! XLink’s partnership with Fireblocks and Ancilia is definitely a step in the right direction. 🌟🔍