LiFi Protocol is currently under attack, and over $10 million in crypto has already been drained. According to an X post from X LiFi, “strongly recommend to users to revoke their approvals for: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae.”
🚨UPDATE🚨Our system has raised more suspicious transactions involving @lifiprotocol on #ARB too!
We strongly recommend to users to revoke their approvals for: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae
Total loss is now around $10M across different chains!
Want to keep your… https://t.co/G5tAkl31bT pic.twitter.com/NJe3dm7KNP
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) July 16, 2024
Crypto hacks return as the bull run picks
Crypto traders are always excited about a bull rally, and so are hackers. Within the last hour, hackers have taken over Li.Fi, and the “total loss is now around $10M across different chains!”
Li.Fi team has advised users to “Please do not interact with any LI.FI powered applications for now! We’re investigating a potential exploit. If you did not set infinite approval, you are not at risk.”
Please do not interact with any https://t.co/nlZEnqOyQz powered applications for now!
We’re investigating a potential exploit. If you did not set infinite approval, you are not at risk.
Only users that have manually set infinite approvals seem to be affected.
Revoke all…
— LI.FI (@lifiprotocol) July 16, 2024
In addition, “Only users that have manually set infinite approvals seem to be affected.” LiFi is an API for Ethereum virtual machine (EVM) and Solana (SOL) swaps bridges. The team has asked users to revoke all approvals for some specific addresses.
On-chain data shows that the hacker is swapping the stolen crypto from $USDC, $USDT to $ETH. The group or the individual is yet to be identified.
Also Read: UK Court Reverses Bitcoin Whitepaper Decision Against Cobra
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