NEWS - Chainflip.io

Update: Safe mode is now off and quoting has been enabled again.

We've temporarily enabled safe mode while we ensure deposit monitoring systems are functioning correctly. All other systems look good, and we should be back pretty quickly.

We’ve temporarily disabled ETH and ARB chains.

Update: TRON swapping and quoting are now back online All Chainflip functionality has been fully restored and is now working normally again. Thanks again for your patience.

Chainflip node operators have passed a proposal to make LPs affected by the 12 September Tron USDT exploit whole. Details here: https://chainflip.io/blog/proposal-008-passed-making-tron-usdt-lps-whole

Swaps are back online including quoting with the exception of Tron.

Chainflip update: next steps to bring the protocol back online What happened Between 01:44 and 03:10 UTC on Saturday 12 September, an attacker took 736,442.17 USDT from our Tron vault by getting six LP withdrawals paid out twice. They took a transaction our validators had already signed, submitted it themselves with their own memo attached, and our system read that memo as a failed swap and refunded it on top of their normal withdrawal. The vulnerability is now patched. Next steps 1. Runtime upgrade to clear stuck refunds and apply the accounting fixes 2. Engine upgrade to validators, which carries the exploit fix. Binaries go out later today, so node operators, keep an eye out 3. Swapping switches back on once the network is stable, with Tron following once witnessing has caught up Tron USDT LPs: your trxUSDT balance will read 0 after the upgrade, with your pre-migration balance recorded on chain. If we haven't been in touch, message @ShaunJvv or open a ticket with @ChainflipSupport_bot. Full details: https://chainflip.io/blog/getting-chainflip-back-up-and-running We'll post here as each step completes.

We're aware of a phishing email going around that pretends to be from Chainflip. Do not click any links, and do not "review" or "sign" anything.

Good morning, @everyone - While we continue working through the recovery (see https://chainflip.io/blog/tron-usdt-exploit-what-happened-and-what-happens-next), we wanted to deliver a message to the attacker: We have been working with all of our extensive contacts and partners in the industry to continue tracing the proceeds of the exploit, and law enforcement to investigate and recover these funds wherever they end up. We know that all of the proceeds have been swapped to BTC. For finding this exploit, you can keep $150k of BTC as a bounty, and return the rest of the BTC that you hold to this address bc1qux4nruxvwfxyv2n5d4fw0a363d4lxn5f45rats - after which no further action will be taken against you and no questions asked.

We have activated safe mode on a range of protocol functions while we investigate an apparent exploit targeting TRON on Chainflip. We will keep you all in the loop with our findings.

USDT on TRON just joined Chainflip Lending Supply it to earn, or borrow it against your BTC.

Testing has officially begun, with BNB now live on our Perseverance Testnet. Mainnet launch follows later this month.

We have paused rotations while we look into something flagged by a few of our node operators. Swaps are running as normal and all other services are unaffected, so nothing changes on your end. We are working on a fix and will share more once we have it.

⚠️ Notice: Safe Mode Enabled on Ethereum, Arbitrum and Tron Following the indexer issues we experienced last night, we have enabled safe mode for deposit channel creation and ingress on Ethereum, Arbitrum and Tron while we investigate. What this means: New deposit channels on these chains are temporarily paused Deposits (ingress) on these chains are temporarily paused We'll share an update as soon as the investigation is complete and safe mode is lifted. Thanks for your patience.

Chainflip onchain data is now live on Token Terminal! Announcement: https://x.com/Chainflip/status/2089715942603493555?s=20

The New Lending Curve is Live! Target utilisation moved from: 95% → 80% Rate at target moved from: 4% → 7% You can find the Interest Rate Model under each asset: https://scan.chainflip.io/pools/Usdt/lending

Lending Curve Update We're moving two parameters in the Chainflip Lending rate curves: 1. Target utilisation: 95% → 80% 2. Rate at target: 4% → 7% Full update here: https://chainflip.io/blog/update-to-chainflip-lending-rates