Chainflip to Block Hacker Funds in 24-72 Hours

Chainflip, a cross-chain bridge protocol, has announced plans to prevent hacker funds from Bybit from illicitly moving through its system. The protocol will undergo an upgrade to block these funds, with the new version expected to go live within 24 to 72 hours. The upgrade is in response to a recent hacking attempt on Bybit, where hackers attempted to move assets to the BTC network through Chainflip.

Bybit CEO Ben Zhou had previously posted on social media about the incident, stating that the company had detected the hackers' attempt to move assets through Chainflip. Bybit hopes that the cross-chain bridge project will help block and prevent further asset movement to other chains. The company has also announced plans to offer a bounty program for anyone who assists in blocking or tracking funds that lead to fund recovery.

The upgrade to the Chainflip protocol is a proactive measure to prevent further illicit activity and protect the integrity of the system. As a cross-chain bridge, Chainflip facilitates the transfer of assets between different blockchains, making it a potential target for hackers. By upgrading the protocol, Chainflip aims to enhance its security and prevent unauthorized access to its system.

The announcement of the upgrade comes as a relief to users of Chainflip and Bybit, who have been concerned about the security of their assets. The upgrade is a testament to the commitment of both companies to ensuring the safety and security of their users' funds. As the upgrade is deployed, users can expect enhanced security measures and a more robust system for protecting their assets.