Tag: update

• Chainflip announced that update 1.7.10 will be ready for tests and implementation in 24 to 72 hours.
• Cross chain AMM says that the measure will prevent Bybit computer pirates or other attackers from using the platform for washed stolen funds.

The automated market creator between Chainflip chains has announced an upcoming update. When implemented, the platform will block BYBIT’s computer pirates so that they do not use their decentralized exchange protocol.

The platform measure follows the recent hacking of 1.4 billion dollars to Bybit, which caused Lazarus Group, backed by North Korea, looting more than 400,000 ETH from the cold wallet of the exchange.

“After the discussions between the team, the community, the liquidity suppliers in the network, all the main interfaces that use Chainflip and most of the providers of validators, we are advancing with a plan to allow the interfaces to block in a robust way Illicit flows in the Chainflip protocol, ”said the Chainflip team in an article Posted in X.

According to Chainflip, there has been consensus throughout his community for the update. This is because the community considers that illicit flows are something that “endangers the protocol by exposing the LP to too many risks.”

Therefore, the decision to implement update 1.7.10 arises from the general desire to protect the interests of common users.

On February 22, the protocol put its main interface exchange platform in maintenance mode to prevent Bybit’s computer pirates will exchange ETH stolen by USDC.

Expansion of the running function of runners

Chainflip says he has collaborated with ecosystem partners and other suppliers. The objective is to prevent these funds and other illicit flows from touching the protocol.

With the update, the protocol now expands a selection function at the corridor level that allows to reject Bitcoin (BTC) deposits if they are considered high risk for Ethereum (ETH) and all ERC20 tokens.

“In the future, Chainflip will not be useful for anyone whose wallet can be linked to any important incident, piracy, fraud or fraud. This will allow Chainflip to provide a much more reliable and safe environment for LP to compromise more capital with less risk, thus improving the service to defi users everywhere, ”added the platform.

Chainflip developers have already written most of the code, and evidence and implementation could begin in 24 to 72 hours.