Chainflip Blocks 'Bybit Hackers' Money Laundering... 'Continuous Monitoring'

Cross-chain trading platform Chainflip is blocking money laundering attempts by hackers who attacked global cryptocurrency exchange Bybit.

Chainflip announced through its official X (formerly Twitter) account on the 25th, 'We have decided to proceed with upgrading the interface to effectively block illegal fund flows on the Chainflip protocol.' Chainflip explained, 'We immediately blocked major interfaces when Bybit hacking funds were detected on Chainflip last Saturday,' adding 'Since then, we have strengthened measures to prevent illegal funds from entering the protocol in cooperation with all partners.'

Enhanced monitoring was also announced. Chainflip stated, 'Currently, brokers can reject Bitcoin (BTC) deposits when high-risk transactions are detected using screening tools of their choice,' adding 'Through this update, this functionality will be expanded to Ethereum (ETH) and all ERC-20 tokens.' They further added, 'Now all deposit transactions on the Chainflip network will be continuously monitored in cooperation with investigation agencies such as Elliptic and Chainalysis,' and emphasized that 'Wallet addresses involved in criminal activities such as hacking and fraud will no longer be able to utilize Chainflip.'