Chainflip is blocking illicit funds linked to the Bybit hack and is testing an upgrade for enhanced security. Additionally, President Trump’s tariff announcement caused a significant dip in cryptocurrency prices, with Bitcoin liquidations reaching $950 million. This movement reflected inflation concerns and stalled state efforts to pass Bitcoin reserve bills.

Chainflip has recently announced its intention to block unauthorized transactions that are associated with the Bybit hack. This decision comes after extensive consultations with protocol teams, community members, liquidity providers, and validator providers. The team is currently testing new code, and an upgraded version is expected to be launched within the next 24 to 72 hours, demonstrating Chainflip’s ongoing commitment to enhancing operational security and building user trust.

The cryptocurrency market experienced significant turmoil following President Trump’s announcement concerning tariffs. A 25% tariff imposed on over $900 billion worth of Canadian and Mexican imports spurred inflation concerns, leading Bitcoin to drop to a multi-week low. The precipitous decline resulted in approximately $950 million in liquidations with Bitcoin priced below $95,000 and Ethereum resting at $2,500. Concurrently, altcoins witnessed considerable losses, while proposals for Bitcoin reserve legislation faltered in various states including Montana and North Dakota, impeding efforts to invest public funds in cryptocurrency.

In summary, the cryptocurrency market faced notable disruptions due to external economic factors, particularly tariff announcements that heightened inflation fears. Chainflip’s proactive measures to secure funds from illicit activities reflect a growing emphasis on safety within the crypto space. As the market continues to adapt, the failure of state-level proposals to incorporate cryptocurrencies into public finance underscores ongoing challenges in the regulatory environment.

Original Source: coinpedia.org

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