Market maker Chainflip has announced it will proceed with a plan to enable interfaces to block illicit flows within the Chainflip protocol. Specifically, the market maker said a new upgrade would block funds from the Bybit hack. Chainflip, which describes itself as one of the largest decentralized cross-chain services, said it took this step because there is broad consensus that such funds expose liquidity providers (LPs) to excessive risk.

A statement shared via X on Feb. 25 said Chainflip had moved quickly to cut off access to its main interface after flows from the Bybit hack were detected Feb. 22. This was a few hours after alleged North Korea-backed hackers stole digital assets worth nearly $1.5 billion. Chainflip added that its network participants have no interest in supporting criminal activity.

Explaining how the upgrade to existing broker-level screening tools is expected to help thwart the Bybit hackers and other bad actors, Chainflip said:

Currently, brokers (a state chain role used by interfaces to interact with the network) can reject incoming BTC deposits if they detect a high-risk transaction using any screening tool of their choice (or a combination thereof). Rejected deposits are sent back directly to the refund address specified by the user. This feature is now being extended to Ethereum and all ERC20 tokens.

Shortly after conducting what has been described as the “largest financial heist” in history, the Bybit hackers began converting and swapping the stolen digital assets into bitcoin (BTC). Some reports suggested hackers had succeeded in cashing out digital assets worth millions of dollars.

To stop the hackers, some in the crypto industry called on platforms like Chainflip to freeze the illicit funds. At the time, Chainflip argued its decentralized protocol could not completely block the funds.

However, in one of its posts on X since the hack, Chainflip suggested the upgrade, expected to go live within 72 hours, would provide robust and permanent protection for LPs on the network. It claimed the upgrade would make its platform unattractive to criminals looking to launder stolen funds.

Meanwhile, Chainflip suggested to its users that the steps it has taken are based on commercial reasons and not due to regulatory pressure.

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