As a seasoned analyst with years of experience in the crypto space, I’ve seen my fair share of hacker attacks and security breaches. The recent incident involving LI.FI, a decentralized protocol for bridging assets across different networks, is particularly concerning due to the reported $8 million loss suffered as a result of this latest attack.
It seems that the decentralized asset transfer protocol LI.FI has been compromised by a hacker.
LI.Fi, a multichain liquidity provider that enables cross-chain trades for Jumper Exchange, is said to have experienced a cyberattack. The incident has reportedly led to financial losses amounting to approximately $8 million according to current reports.
On Tuesday morning, a post on X from cybersecurity analysts at blockchain research firm Cyvers revealed that a hacker had siphoned off more than $8 million, predominantly in stablecoins such as USD Coin (USDC) and Tether (USDT), and had already exchanged some of the stolen USDC and USDT for Ethereum (ETH).
As a security analyst at our team, I’m bringing to your attention an alarming situation regarding your account with Lifiprotocol. Our system has identified questionable transactions involving the transfer of over $8 million worth of funds, predominantly stablecoins, from your account. For your safety, we strongly advise you to revoke approvals for the following Ethereum address: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae. This action is necessary to prevent further potential losses.
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) July 16, 2024
Analysts strongly advised LI.FI’s community members to rescind their approvals for the protocol and steer clear of it during the ongoing cyberattack. Following the incident, LI.FI announced on X that only those who had manually approved an unlimited limit appeared to have been impacted.
As a seasoned blockchain analyst with extensive experience in smart contract security and decentralized finance (DeFi) protocols, I’ve encountered numerous incidents of hacker attacks throughout my career. One such instance involves LI.FI, an intriguing DeFi project that experienced a significant setback in March 2022. An unknown attacker discovered a vulnerability in the LI.FI smart contract, exploiting it to steal approximately $600,000 worth of various tokens.
In the year 2021, Max Klenk and Philipp Zentner established our Berlin-based liquidity hub. By April 2023, we managed to secure $17.5 million in Series A funding with CoinFund and Superscrypt leading the round. Notably, Circle, Factor, Perridon, Theta Capital, Three Point Capital, and Abra also joined us as investors during this financing round.
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2024-07-16 16:18