Stacks

UwU Lend

Bitcoin

Million

Security

XLink, a prominent Bitcoin bridge, has partnered with Fireblocks and Ancilia to enhance security measures following a $10 million hack. This collaboration aims to introduce advanced multiparty computation (MPC) technology, which improves security compared to traditional multisig solutions or single private keys. 
Implementation of MPC Technology 
XLink’s partnership with Fireblocks will implement two-of-three MPC wallets for managing user assets. The keys will be distributed among the validator network of Bitcoin Oracle, Fireblocks, and Coincover, ensuring robust security and disaster recovery services. 
Chiente Hsu, CEO and co-founder of Alex, emphasised that this partnership was accelerated due to the recent breach involving user funds. The implementation aims to bring maximal security to user assets, which was initially scheduled for late June. 
Continuous Observation&nbsp; 
Ancilia, a company focused on Web3 security, will improve XLink’s security system with ongoing monitoring and instant threat detection. This will include instant alerts and proactive measures to prevent breaches.&nbsp; 
The recent hack stemmed from a private key leak with admin access to a smart contract holding user assets, highlighting the necessity for these enhanced security measures. 
Ongoing Security Efforts 
In response to the hack, the XLink team released a security update on June 17. The update revealed that the attacker executed over 9,700 transactions, increasing the number of unique addresses from less than 100 to over 4,700 in just seven days.&nbsp; 
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 ALEX Security Update As of June 17th at 11AM, the attacker has broadcast more than 9700+ transactions, which involve generating new wallets addresses then dispersing the on-chain STX balance across those new wallets. The number of traceable transaction started to grow… <a href="https://t.co/BZ3TPevqor" target="_blank">pic.twitter.com/BZ3TPevqor</a>— ᛤ ALEX 🟧 THE Finance Layer on Bitcoin ᛤᛤᛤ (@ALEXLabBTC) <a href="https://twitter.com/ALEXLabBTC/status/1802565902010826873?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 17, 2024</a>
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Smaller amounts of Stacks (STX) were transferred to thousands of new addresses and then sent to centralised exchanges (CEXs). 
This new partnership is part of XLink’s broader strategy to improve asset security on the Bitcoin 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.&nbsp; 
The company remains focused on facilitating safe Bitcoin utility across multiple blockchains through its omnichain liquidity network. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/14/uwu-lends-5-million-bounty-to-catch-crypto-hacker/" target="_blank" rel="noreferrer noopener">UwU Lend Offers $5 Million Bounty to Catch Crypto Hacker</a> 
</blockquote>

XLink Partners Fireblocks, Ancilia After $10M Hack

The Crypto Times

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