Chainflip
$0.8833
, a decentralized trading protocol, is rolling out an urgent software update to stop funds stolen in the $1.4 billion Bybit
$5.9B
hack from moving through its platform.
The update, version 1.7.10, is designed to block suspicious transactions and protect liquidity providers from exposure to stolen assets.
In a statement on February 24, Chainflip explained that allowing stolen funds to pass through its system could put liquidity providers and regular users at risk. After detecting transactions linked to the Bybit breach, the team quickly restricted access to its main interface to prevent further activity.
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Chainflip has been working with its service providers to ensure stolen assets do not pass through its decentralized network. The update is expected to go live by February 27, following internal testing.
Version 1.7.10 expands existing security tools for brokers, giving them the ability to block Bitcoin
$87,081.35
transfers based on risk analysis. If a deposit is flagged, the system will automatically return the funds to the sender’s refund address. This feature is now being extended to Ethereum
$2,414.47
and all ERC-20 tokens.
With this update, wallets connected to the Bybit hack or similar incidents will no longer be able to use Chainflip’s services. The company also plans to introduce additional security features as needed to further protect users.
Addressing the crypto industry’s response to the Bybit hack, Chainflip stated that businesses do not need regulators to enforce these measures—there are already strong financial and ethical reasons to act.
Recently, Bybit CEO Ben Zhou confirmed that the company has already filled the $1.4 billion gap in its Ethereum holdings. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
