Alex Lab’s XLink, a Bitcoin bridge, has joined forces with Fireblocks and Ancilia to enhance its security following a recent $10 million hack.
The partnership with Fireblocks will introduce multiparty computation (MPC) technology to XLink’s wallet and smart contract management, significantly boosting security compared to traditional multisig solutions or single private keys.
Chiente Hsu, CEO and co-founder of Alex, elaborated on the new security measures in a written Q&A
“Our partnership with Fireblocks will implement two-of-three multiparty computation wallets to hold user assets. One key will be held by the Bitcoin Oracle validator network (which validates the XLink bridging events), another key by Fireblocks, and the third key by Coincover, which provides disaster recovery services.”
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