Chainflip Responds to Bybit Hack: Enhancements to ETH Filtering Mechanism and Security Measures

On February 22nd, COINOTAG News reported that the decentralized cross-chain bridge Chainflip has issued a critical alert regarding the recent hack of Bybit. The platform revealed that the hacker attempted to leverage Chainflip to convert illicitly obtained funds into Bitcoin (BTC). In response, Chainflip has temporarily suspended certain frontend operations to mitigate the risk of fund transfers. However, due to the decentralized nature of the protocol, which operates on 150 nodes, a complete shutdown is not feasible.

To bolster security measures, Chainflip is implementing enhancements to its ETH Agent-level filtering system, which aims to block suspicious deposits via the broker API. While similar protective measures are currently in place for BTC, the team is diligently working to finalize this enhanced filtering mechanism for ETH. This proactive approach reflects the platform’s commitment to securing digital assets and maintaining the integrity of cross-chain operations.