XLink partners with Fireblocks and Ancilia to prevent potential 10M hack

Alex Lab’s XLink, a bridge for Bitcoin, has joined forces with Fireblocks and Ancilia following a recent security breach that resulted in the loss of $10 million in user funds.
The partnership with Fireblocks will bring multiparty computation (MPC) technology to XLink’s wallet and smart contract management.
In a Q&A session with Cointelegraph, Chiente Hsu, CEO and co-founder of Alex Lab, clarified:
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Enhanced security measures
Through the collaboration with Ancilia, a Web3 security company, XLink will benefit from continuous monitoring and real-time threat detection, offering immediate alerts and proactive breach prevention strategies.
Hsu revealed that the breach was due to a leak of a private key with “admin access” to a smart contract holding user assets, stating:
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Update on Alex Lab’s security
On June 17, the team issued a security update, disclosing that the attacker behind the breach had executed over 9,700 transactions.
As per the X post, the number of traceable transactions surged from 300 to nearly 10,000 with no signs of slowing down, as new wallet addresses were generated to distribute the stolen Stacks (STX) funds.


Source:
ALEX Labs
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Bitcoin bridge XLink making a comeback after $10M hack
Continued security efforts
The recent collaboration with Fireblocks and Ancilia is part of XLink’s broader plan to enhance the security and management of assets on the Bitcoin (
BTC
) bridge.
XLink has also teamed up with Cobo, a 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.
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