The update aims to strengthen the screening mechanisms at the platform and prevent the attackers from laundering illegal funds through Chainflip.

The Bybit attack on February 21st was recorded as the greatest security violation of a crypto exchange. Following the attack, Blockchain researchers, analysis companies, crypto exchanges and non -decentralized financial protocols began to work in cooperation to trace and get back the stolen funds.

After the Bybit attack, many crypto platforms took additional security measures to prevent the movement of funds, while Chainflip decided to update an emergency update in his system to stop illegal fund flows.

Chainflip announced on February 24th, a new software update version 1.7.10. The main purpose of the update is to prevent illegal transactions and to protect liquidity providers from exposure to stolen funds.

The protocol emphasized that the transport of illegal funds over Chainflip impulsed liquidity providers at risk and this could endanger general user security.

Chainflip, the funds of the Bybit attack on Saturday morning systems after the detection, quickly took action to restrict access to the main interface of the protocol. Thus, the attackers were prevented from carrying funds stolen over Chainflip.

The new 1.7.10 update includes the broker -level filtering feature that improves Chainflip’s existing screening tools for all broker operators. This will especially block Bitcoin transfers based on the risk profile of operators.

The fund blocking feature, which previously valid only for Bitcoin transactions, has been expanded to include Ethereum and all ERC-20 tokens.

After the update, accounts associated with wallet addresses and other major security violations that are found to be linked to the Bybit attack will not be able to use Chainflip services. In addition, the rejected investments will automatically be sent back to the refund address specified by the user.

Chainflip also announced that he was collaborating with its providers to prevent bybit funds from being directed through decentralized Crosschain services. The new update is expected to be activated by February 27 at the latest after the completion of the code internal tests and network distribution.

Stating that security measures gained more importance in the crypto ecosystem after the Bybit attack, Chainflip emphasized that they do not need to guide regulatory authorities.

The protocol officials said that the regulators do not need to say what to do in this case, not only ethical, but also commercial reasons are sufficient to take these steps to take these steps.

Chainflip gave a direct message to the hacker group that carried out the attack. Behind the Bybit attack is thought to be the Lazarus Group, which is alleged to be based in North Korea.

Chainflip sent the following message to the attackers at the end of his statement: Take the money you stole elsewhere - we don’t want.

This statement shows that the proactive measures taken by the defi protocols and the blockchain ecosystem against cyber crimes are increasing and developing stronger mechanisms to ensure security.