Chainflip to upgrade systems to block illicit funds following Bybit hack

Chainflip, a cross-chain automated market maker, has announced plans on X to enhance measures against illegal transactions on its platform. This initiative comes in response to detecting illicit flows stemming from the Bybit hack on Feb. 22, prompting action to safeguard liquidity providers and preserve the integrity of the protocol. The upgrade will bolster the existing tools that brokers use to block high-risk Bitcoin deposits, expanding this capability to Ethereum and all ERC20 tokens. Most of the required code has already been written, with testing and deployment anticipated to be completed within 24 to 72 hours.