Chainflip Bolsters Security After Bybit Hack Attempt

Chainflip, a decentralized cross-chain bridge, has responded to the recent hack of Bybit by implementing enhancements to its ETH filtering mechanism and bolstering security measures. The platform issued a critical alert on February 22nd, revealing that the hacker attempted to convert illicitly obtained funds into Bitcoin (BTC) using Chainflip. In response, Chainflip 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 was not feasible.

To strengthen security, Chainflip is enhancing its ETH Agent-level filtering system to block suspicious deposits via the broker API. While similar protective measures are already in place for BTC, the team is diligently working to finalize this enhanced filtering mechanism for ETH. This proactive approach demonstrates Chainflip's commitment to securing digital assets and maintaining the integrity of cross-chain operations.