XLink Bolsters Security After $10M Hack: Fireblocks, Ancilia Partnerships

XLink, a Bitcoin bridge, has partnered with Fireblocks and Ancilia to enhance security following a recent $10 million hack. This move introduces multiparty computation (MPC) technology for managing wallets and smart contracts, replacing traditional multisig solutions and single private keys. Fireblocks will hold one key of the two-of-three MPC wallets, ensuring greater protection for user assets. Ancilia, a Web3 security firm, will provide continuous monitoring and threat detection, offering instant alerts and proactive breach prevention. XLink's CEO explained the hack stemmed from a private key leak with admin access to a smart contract holding user assets, emphasizing the urgency of the new security measures. The partnerships aim to establish new security standards in the blockchain industry and ensure the safe utility of Bitcoin across multiple blockchains.