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CDS Crypto News Crypto News Today- Fireblocks and Ancilia join XLink in efforts to prevent another $10M hack

Crypto News Collaboration

Crypto News Today- Fireblocks and Ancilia join XLink in efforts to prevent another $10M hack

sevval17/06/20241 Mins read42

Crypto News Today- Fireblocks and Ancilia join XLink in efforts to prevent another $10M hack

Crypto News Today- XLink partners with Fireblocks and Ancilia to enhance security against future $10M hacks

Crypto News– Alex Lab’s XLink, a Bitcoin bridge, has teamed up with Fireblocks and Ancilia following a recent security breach involving $10 million in user funds.

Table of Contents

This partnership aims to integrate multiparty computation (MPC) technology into XLink’s wallet and smart contract management systems through Fireblocks. According to Chiente Hsu, CEO and co-founder of Alex, this collaboration will involve the implementation of two-of-three MPC wallets. These wallets will secure user assets, with one key managed by the validator network of Bitcoin Oracle, another key by Fireblocks, and the third key by Coincover, providing disaster recovery services.

Enhanced security protocols

XLink’s collaboration with Ancilia, a Web3 security firm, will ensure ongoing monitoring and immediate threat detection capabilities. This partnership will deliver instant alerts and proactive measures to prevent breaches in real-time.

Alex’s latest security update

The team issued a security update on June 17, revealing that the attacker behind the breach had broadcasted more than 9,700 transactions. As reported in the X post, traceable transactions surged from 300 to nearly 10,000, with no signs of slowing down. The attacker continuously created new wallet addresses to scatter the stolen Stacks (STX) funds.

Continued security initiatives

The recent alliance with Fireblocks and Ancilia is integral to XLink’s comprehensive effort to enhance security and asset management on its Bitcoin bridge.

In addition, XLink has partnered with Cobo, a digital asset custody provider, to incorporate MPC technology and set pioneering security benchmarks in the blockchain sector.

XLink remains committed to enabling secure BTC utilization across diverse blockchains via its omnichain liquidity network.

FAQs

How are Fireblocks and Ancilia collaborating with XLink?

Fireblocks and Ancilia are partnering with XLink to enhance security measures. This collaboration aims to integrate MPC (Multiparty Computation) technology for managing and securing assets used on XLink’s Bitcoin bridge.

What is MPC technology and why is it important?

MPC technology provides enhanced security compared to traditional multisig solutions or single private key methods by offering a multiparty security model. This technology is crucial for bolstering security in digital asset management and transfer processes, providing more effective protection against potential attacks.

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