Cryptocurrencies: 
Exchanges: 
Market cap: 2.77T
Volume 24 hrs: 69.89B
Dominance: BTC 59.65%
ETH Gas: 0.439996933 GWEI
Cryptocurrencies: 
Exchanges: 
Market cap: 2.77T
Volume 24 hrs: 69.89B
Dominance: BTC 59.65%
ETH Gas: 0.439996933 GWEI
Cryptocurrency news

Defi Protocol LI.FI Struck by $8M Exploit

CoinDesk / 16.07.2024 / 13:37
Defi Protocol LI.FI Struck by $8M Exploit
Security firm Decurity claims the exploit involves the LI.FI bridge.$5.8 million worth of ether and several million worth of stablecoins was suspiciously withdrawn.Unmute

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Decentralized finance (DeFi) platform LI.FI protocol has been hit by a roughly $8 million exploit following a series of suspicious withdrawals, on-chain data shows.

"Please do not interact with any LI.FI powered applications for now." LI.FI wrote on X. "We're investigating a potential exploit. If you did not set infinite approval, you are not at risk."

LI.FI is a protocol that allows users to trade across various blockchains, venues and bridges.

The wallet containing the stolen funds holds 1,715 ether (ETH) worth $5.8 million as well as USDC, USDT and DAI stablecoins.

Crypto security firm Decurity said that the exploit involves the LI.FI bridge.

"The root cause is a possibility of an arbitrary call with user controlled data via `depositToGasZipERC20()` in GasZipFacet which was deployed 5 days ago," Decurity wrote on X.

A report by Immunefi in May revealed that $473 million worth of crypto was lost to hacks, exploits and rug pulls in the first half of 2024.

Edited by Sheldon Reback.

Source
Defi Protocol LI.FI Struck by $8M Exploit
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