Fun

XLink onboards Fireblocks, Ancilia to prevent another $10M hack

News Feed - 2024-06-17 10:06:00

Josh O"Sullivan11 hours agoXLink onboards Fireblocks, Ancilia to prevent another $10M hackThe partnerships provide MPC technology, significantly improving security measures compared to traditional multisig solutions or single private keys.1400 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAlex Lab’s XLink, a Bitcoin bridge, has partnered with Fireblocks and Ancilia in response to a recent security breach involving $10 million in user funds.


The collaboration with Fireblocks will introduce multiparty computation (MPC) technology to XLink’s wallet and smart contract management. 


In a written Q&A with Cointelegraph, Chiente Hsu, CEO and co-founder of Alex, explained:“[The] partnership with Fireblocks will implement two-of-three multiparty computation wallets to hold all these user assets, with one key held by the validator network of Bitcoin Oracle (that validates the XLink bridging events), another key held by Fireblocks and the last key held by Coincover who provides the disaster recovery service.”


Related:Kaamel Technology to lead investigation into XLink"s $10M breachNew security measures


XLink’s partnership with Ancilia, a Web3 security firm, will provide continuous monitoring and real-time threat detection, offering instant alerts and proactive breach prevention measures.


Hsu explained that the “source of the hack” was a private key leak with “admin access” to a smart contract holding user assets, adding that:“The partnership with Fireblocks will bring maximal security to our user assets, which has been planned for some time (originally scheduled for late June roll-out), but the recent incident meant we are now accelerating its deployment.”


Related:Alex Labs rolls out post-exploit recovery planAlex security update


The team released a security update on June 17, explaining that the attacker responsible for the breach had broadcast over 9,700 transactions. 


According to the X post, traceable transactions rose from 300 to almost 10,000 without signs of slowing as new wallet addresses were created to disperse the stolen Stacks (STX) funds.“[...]the number of attacker’s unique addresses has grew 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.”Source: ALEX Labs


Related:Bitcoin bridge XLink resurrection underway post $10M hackOngoing security efforts


The new partnership with Fireblocks and Ancilia is part of XLink’s broader strategy to improve the security and management of assets on the Bitcoin (BTC) bridge.


XLink has also collaborated with Cobo, a digital asset custody provider, to integrate MPC technology and “establish new security standards in the blockchain industry.” 


XLink continues to focus on facilitating safe BTC utility across multiple blockchains through its omnichain liquidity network.


Magazine:Musk promises ban on Apple, Greenpeace calls for Bitcoin’s PoS, and other news: Hodler’s Digest, June 9-15# Bitcoin# Blockchain# Cryptocurrencies# Security# Private Keys# Tokens# Cybersecurity# HacksAdd reaction

News Feed

Crypto Biz: Massive inflows to exchanges amid market turbulence
Ana Paula Pereira3 hours agoCrypto Biz: Massive inflows to exchanges amid market turbulenceThis week’s Crypto Biz examines Hong Kong’s crypto ETF market, Morgan Stanley’s green light for Bitcoin funds, Xapo Bank li
Nigerian Presidential Hopeful’s Party Says It Will Review Country’s Blockchain and Crypto Policy if Elected
Nigerian Presidential Hopeful"s Party Says It Will Review Country"s Blockchain and Crypto Policy if Elected The party of the Nigerian presidential hopeful Asiwaju Bola Tinubu has p
Bitcoin, Ethereum Technical Analysis: BTC Consolidates Above $28,000 on Monday
Bitcoin, Ethereum Technical Analysis: BTC Consolidates Above $28,000 on Monday Bitcoin started the week consolidating above the $28,000 level, as markets prepare for a big week of
L2 Scaling Solution Arbitrum Schedules Nitro Rollup Stack Upgrade for August 31
L2 Scaling Solution Arbitrum Schedules Nitro Rollup Stack Upgrade for August 31 On August 4, Arbitrum One, the layer two (L2) Ethereum scaling solution, announced the protocol will
Top Russian Lawmaker Joins Calls for Legalizing International Crypto Payments
Top Russian Lawmaker Joins Calls for Legalizing International Crypto Payments A high-ranking member of the Russian parliament has urged for the adoption of a relevant legal framewo
Tom Mitchelhill8 hours agoCelsius creditors vote in favor of reorganization planThe majority of Celsius creditors have voted in favor of a plan that will see approximately $2 billion worth of Bitcoin and Ethereum returne
Supreme Tribunal in Venezuela States Sunacrip Has Strategic Role, Voids Earlier Sentence
Supreme Tribunal in Venezuela States Sunacrip Has Strategic Role, Voids Earlier Sentence The Supreme Tribunal of Justice of Venezuela has stated in a recent sentence that the tasks
Biggest Movers: XTZ and LINK Surge to 1-Month Highs on Thursday
Biggest Movers: XTZ and LINK Surge to 1-Month Highs on Thursday Despite the crypto market trading lower today, Tezos and LINK both rose to one-month highs on Thursday. XTZ was up b
Turner Wright7 hours agoSam Bankman-Fried’s legal team turns over docs related to NYT story, requests they be sealedLawyers claimed there was a “need to avoid” the public dissemination of documents Sam Bankman-Frie
US Seizes Cryptocurrency Worth $30 Million From North Korean Hackers
US Seizes Cryptocurrency Worth $30 Million From North Korean Hackers Blockchain data analytics firm Chainalysis has revealed that U.S. authorities have seized cryptocurrency worth
Onecoin Lawsuit Continues: Judge Lifts Stay Order, Investigators Search for ‘Crypto Queen’
Onecoin Lawsuit Continues: Judge Lifts Stay Order, Investigators Search for "Crypto Queen"In mid-April, news.Bitcoin.com reported on the unsealed indictment tied to the Onecoin cofo
Web3 dev platform Mirror World launches first gaming rollup chain on Solana
Zhiyuan Sun8 hours agoWeb3 dev platform Mirror World launches first gaming rollup chain on SolanaThe software development kit allows Solana games to settle "millions of requests" during game sessions and settle