{"id":81539,"date":"2024-06-17T10:16:25","date_gmt":"2024-06-17T14:16:25","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=81539"},"modified":"2024-06-17T10:16:28","modified_gmt":"2024-06-17T14:16:28","slug":"xlink-integrates-fireblocks-to-avoid-another-10m-hack","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/xlink-integrates-fireblocks-to-avoid-another-10m-hack\/","title":{"rendered":"XLink Integrates Fireblocks To Avoid Another $10M Hack"},"content":{"rendered":"\n

In response to a recent security compromise involving a $10M hack, Alex Lab's XLink, a Bitcoin bridge<\/a>, has partnered with Fireblocks and Ancilia.<\/p>\n\n\n\n

\"XLink
XLink Integrates Fireblocks To Avoid Another $10M Hack<\/span><\/em><\/figcaption><\/figure>\n\n\n\n

XLink's wallet and intelligent contract administration will be enhanced by integrating multiparty computation (MPC) technology through the partnership with Fireblocks.<\/p>\n\n\n\n

Chiente Hsu, CEO and co-founder of Alex, explained in a written Q&A with Cointelegraph:<\/p>\n\n\n\n

\n

\u201cThe 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 <\/a>(that validates the XLink bridging events), another key held by Fireblocks and the last key held by Coincover who provides the disaster recovery service.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Additional security protocols to combat future hacks<\/strong><\/h3>\n\n\n\n

XLink's collaboration with Ancilia\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, a Web3 security firm, will offer real-time threat detection, continuous monitoring, proactive breach prevention measures, and immediate alerts.<\/p>\n\n\n\n

According to Hsu, the “source of the hack” was a private key leak that enabled “admin access” to a smart contract that contained user assets. She further stated that:<\/p>\n\n\n\n

\n

\u201cThe 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.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Security update for Alex<\/strong><\/h3>\n\n\n\n

On June 17, the team issued a security update that disclosed that the attacker who perpetrated the breach had disseminated more than 9,700 transactions.<\/p>\n\n\n\n

The X post indicates that traceable transactions increased from 300 to nearly 10,000 without indicating a slowdown, as new wallet addresses were generated to distribute the stolen Stacks (STX) funds.<\/p>\n\n\n\n

\n

\u201c[…]the number of attacker\u2019s 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.\u201d<\/p>\n<\/blockquote>\n\n\n\n

\n

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\u2026 pic.twitter.com\/BZ3TPevqor<\/use><\/svg><\/span><\/a><\/p>— ALEX \ud83d\udfe7 No. 1 Bitcoin DeFi (@ALEXLabBTC) June 17, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Continuous security initiatives<\/strong><\/h3>\n\n\n\n

The new partnership with Ancilia and Fireblocks is a component of XLink's overarching strategy to enhance the security and administration of assets on the Bitcoin bridge.<\/p>\n\n\n\n

Additionally, XLink has partnered with Cobo, a digital asset custody provider, to incorporate MPC technology and “establish new security standards in the blockchain industry.”<\/p>\n\n\n\n

Through its omnichain liquidity network, XLink remains committed to enabling secure BTC utility<\/a> across numerous blockchains.<\/p>\n","protected":false},"excerpt":{"rendered":"

In response to a recent security compromise involving a $10M hack, Alex Lab’s XLink, a Bitcoin bridge, has partnered with Fireblocks and Ancilia. XLink’s wallet and intelligent contract administration will be enhanced by integrating multiparty computation (MPC) technology through the partnership with Fireblocks. Chiente Hsu, CEO and co-founder of Alex, explained in a written Q&A […]<\/p>\n","protected":false},"author":59,"featured_media":81541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[20031,753,12002,20030],"class_list":["post-81539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ancilla","tag-fireblocks","tag-hacks","tag-xlink"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/xlink.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=81539"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/81541"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=81539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=81539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=81539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}