- The LiFi protocol has been breached, ensuing within the lack of $8 million up to now.
- Cyvers Alerts recommends revoking authorization for 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae.
- Attackers are changing USDC and USDT to ETH, highlighting the safety dangers of DeFi.
The LiFi protocol, a significant API that facilitates swaps between the Ethereum Digital Machine (EVM) and Solana (SOL), has fallen sufferer to a devastating cyber assault.
In response to a report by Cyvers Alerts, hackers exploited particular contract addresses related to the LiFi protocol to steal greater than $8 million in cryptocurrency, principally stablecoins.
The breach was found when Cyber Alerts flagged suspicious transactions linked to the LiFi protocol handle 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae.
🚨Warning🚨Lifei ProtocolOur techniques have detected a suspicious transaction referring to your https://t.co/3LzbDK99Ed.
We suggest that the consumer revoke the next authorization: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae
Over $8 million has been withdrawn by customers up to now, most of it in stablecoins! pic.twitter.com/zsj9DZWnpU
— 🚨 CybersAlert 🚨 (@CyversAlerts) July 16, 2024
Attackers in LiFi protocol exploit consumer authorization
In response to Meir Dolev, co-founder and CTO of Cyvers, the attackers used consumer authorizations linked to this handle to exfiltrate funds saved inside wallets linked to sensible contracts.
The attackers primarily transformed USDC and USDT tokens into ETH, exacerbating the monetary impression of the breach.
Following this breach, Cybers Alerts issued an pressing suggestion to customers to revoke all authorizations granted to the compromised addresses, a preventative measure aimed toward mitigating additional losses throughout the LiFi protocol ecosystem.
Cyvers Alerts continues to observe the scenario intently and can proceed to replace you because the investigation progresses.
This incident highlights how decentralized finance platforms stay susceptible to classy cyber threats and serves as a reminder that strong safety measures and shut consumer vigilance are essential to defending digital belongings throughout the blockchain ecosystem.
