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LiFi Protocol Exploit Results in $10 Million Loss Across Various Chains, Users with Infinite Approvals Urged to Revoke

Jul 16, 2024, 12:49 PM

LiFi Protocol has suffered a significant exploit, resulting in the loss of approximately $10 million across various chains. The exploit, identified as a router approval exploit, has prompted security alerts from multiple sources, urging users to revoke approvals for the contract 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae. The exploit appears to affect users who have manually set infinite approvals. Various security teams, including CertiK, SlowMist, and CyversAlerts, are investigating the incident. Additionally, Jumper Exchange has urged users not to interact with its platform as it investigates a potential exploit. The swap function did not check call target and call data, leading to the exploit. Users are also advised not to interact with any LiFi-powered applications on ARB until further notice.