Alex Lab’s XLink, a groundbreaking Bitcoin bridge, has joined forces with Fireblocks and Ancilia following a recent security breach involving $10 million in user funds.
The partnership with Fireblocks will bring multiparty computation (MPC) technology to XLink’s wallet and smart contract management system.
In a recent interview with Cointelegraph, Chiente Hsu, CEO and co-founder of Alex Lab, shed light on the collaboration.
Additionally, XLink’s collaboration with Ancilia, a leading Web3 security firm, will offer continuous monitoring and real-time threat detection, providing immediate alerts and proactive breach prevention measures.
Hsu revealed that the security breach stemmed from a leak of a private key with “admin access” to a smart contract holding user assets.
To counteract the breach, the team at Alex Lab released a security update on June 17, revealing that the attacker had executed over 9,700 transactions. The number of traceable transactions surged from 300 to nearly 10,000 as the stolen Stacks (STX) funds were dispersed into new wallet addresses.
The recent partnerships with Fireblocks and Ancilia are part of XLink’s comprehensive strategy to enhance the security and management of assets on the Bitcoin bridge. XLink has also teamed up with Cobo, a digital asset custody provider, to incorporate MPC technology and set new security standards in the blockchain industry.
XLink remains committed to ensuring secure Bitcoin utility across various blockchains through its omnichain liquidity network.