{"id":15252,"date":"2024-07-16T16:49:16","date_gmt":"2024-07-16T13:49:16","guid":{"rendered":"https:\/\/forklog.com\/en\/li-fi-protocol-suffers-8-million-loss-in-security-breach\/"},"modified":"2024-07-16T16:49:16","modified_gmt":"2024-07-16T13:49:16","slug":"li-fi-protocol-suffers-8-million-loss-in-security-breach","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/li-fi-protocol-suffers-8-million-loss-in-security-breach\/","title":{"rendered":"LI.FI Protocol Suffers $8 Million Loss in Security Breach"},"content":{"rendered":"<p>On July 16, Cyvers Alerts identified suspicious transactions within the LI.FI protocol. At the time of writing, the incident is ongoing, with losses amounting to $8 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?ALERT?<a href=\"https:\/\/twitter.com\/lifiprotocol?ref_src=twsrc%5Etfw\">@lifiprotocol<\/a>, Our system has raised suspicious transactions involving your <a href=\"https:\/\/t.co\/3LzbDK99Ed\">https:\/\/t.co\/3LzbDK99Ed<\/a> <\/p>\n<p>We recommend users to revoke their approvals for: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae<\/p>\n<p>More than $8M have been drained so far from users and mostly stablecoins!\u2026 <a href=\"https:\/\/t.co\/zsj9DZWnpU\">pic.twitter.com\/zsj9DZWnpU<\/a><\/p>\n<p>\u2014 ? Cyvers Alerts ? (@CyversAlerts) <a href=\"https:\/\/twitter.com\/CyversAlerts\/status\/1813189059449102352?ref_src=twsrc%5Etfw\">July 16, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Experts indicate that the vulnerability lies within the protocol&#8217;s smart contract.<\/p>\n<p>Currently, the hacker is exchanging the stolen assets, primarily USDC and USDT stablecoins, for Ethereum.<\/p>\n<p>The LI.FI team has confirmed the incident and initiated an investigation. Users are advised to cease interaction with all protocol-based applications and revoke all approvals for several affected smart contracts.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Please do not interact with any <a href=\"https:\/\/t.co\/nlZEnqOyQz\">https:\/\/t.co\/nlZEnqOyQz<\/a> powered applications for now! <\/p>\n<p>We&#8217;re investigating a potential exploit. If you did not set infinite approval, you are not at risk. <\/p>\n<p>Only users that have manually set infinite approvals seem to be affected. <\/p>\n<p>Revoke all\u2026<\/p>\n<p>\u2014 LI.FI (@lifiprotocol) <a href=\"https:\/\/twitter.com\/lifiprotocol\/status\/1813207291778215955?ref_src=twsrc%5Etfw\">July 16, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the developers, the breach affected clients who manually set infinite approval for automated transactions.<\/p>\n<p>Earlier in June, an unknown hacker breached the UwU Lend protocol, resulting in losses of $19.3 million and $3.72 million on June 10 and 13, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 16, Cyvers Alerts identified suspicious transactions within the LI.FI protocol. At the time of writing, the incident is ongoing, with losses amounting to $8 million. ?ALERT?@lifiprotocol, Our system has raised suspicious transactions involving your https:\/\/t.co\/3LzbDK99Ed We recommend users to revoke their approvals for: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae More than $8M have been drained so far from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1210,44,54],"class_list":["post-15252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cross-chain-protocols","tag-cybercrime","tag-smart-contracts"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=15252"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/15251"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=15252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=15252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=15252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}