As a seasoned crypto investor with several years of experience under my belt, I can’t help but feel a pang of disappointment and frustration upon hearing about the LI.FI attack. I’ve seen my fair share of market volatility, bear markets, and even the occasional scam. But this latest incident hits different – it’s not just about losing potential profits, but rather about security and trust in the systems we rely on to safeguard our digital assets.
As a protocol analyst, I’d rephrase it as: I recently came across an incident involving LI.FI, a service that connects Ethereum Virtual Machine (EVM) and Solana through bridging and swapping functionalities. Sadly, this platform was subjected to a cyberattack, resulting in a substantial loss of over $10 million for the attackers’ gain. The assault focused on exploiting vulnerabilities within the smart contracts, enabling the criminals to pilfer funds deposited by them as well as those held in wallets interacting with these contracts.
The crypto community was made aware by Cyvers Alerts that over $8 million had been stolen from users, with the majority being stablecoins. The attacker has already started exchanging $USDC, $USDT for $ETH. It is strongly advised for users to disconnect and deny access to wallets linked to the contract address 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae.
In a recent post, it was disclosed that LI.FI experienced losses amounting to $8 million. Subsequently, an updated announcement revealed that the total loss had escalated to approximately $10 million. Users must be cautious as scammers are attempting to exploit this situation by posing as LI.FI’s X account and directing users towards fraudulent addresses in an attempt to steal access to their contracts on LI.FI. Cyvers Alerts urges all LI.FI users to exercise caution and double-check the authenticity of any communications they receive.
LI.FI communicated with its user base regarding the recent security issue brought up by Cyvers Alert, advising them not to engage with any active applications for the time being. They also assured users that they were actively investigating the matter. For those potentially affected, they specified that only individuals who had manually granted infinite approvals seemed to be in danger. LI.FI requested that all users avoid contracts with the following addresses: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae, 0x341e94069f53234fE6DabeF707aD424830525715, 0xDE1E598b81620773454588B85D6b5D4eEC32573e, and 0x24ca98fB6972F5eE05f0dB00595c7f68D9FaFd68.
Approximately an hour ago, the smart contract issue that occurred earlier today has been resolved. The responsible facet of the affected smart contract has been deactivated, ensuring user safety moving forward. Regarding identifying the perpetrators and monitoring fund transfers, LI.FI is collaborating with law enforcement agencies and industry security teams to trace the funds involved.
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2024-07-17 21:27