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Will LiFi Protocol be exploited again by the end of 2024?
4
Resolution / Starting Odds
Yes • 50%
No • 50%
Security alert systems and official announcements from LiFi Protocol
Story
LiFi Protocol and Jumper Exchange Exploited, $10M Lost in DeFi Attack
Jul 16, 2024, 01:10 PM
LiFi Protocol, a decentralized finance (DeFi) platform, has been exploited, resulting in the loss of approximately $10 million. The exploit appears to be related to router approval settings, specifically targeting users who had manually set infinite approvals. Multiple security alert systems, including CertiK and Cyvers Alerts, have flagged suspicious transactions involving LiFi Protocol. Users are strongly advised to revoke all approvals for specific contracts, notably 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae, 0x341e94069f53234fE6DabeF707aD424830525715, and 0xDE1E598b81620773454588B85D6b5D4eEC32573e, to prevent further losses. The majority of the stolen funds are stablecoins. Jumper Exchange, a cross-chain bridge aggregator associated with LiFi, has also been affected and has urged users to revoke all permissions. Investigations are ongoing to confirm the exact nature and extent of the exploit.
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