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News

Bridging Protocol LI.FI Hit by Exploit

The protocol saw more than $10M in user funds drained due to a 'call injection' exploit.
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Jul 16, 2024 • 1 min read

Cross-chain blockchain protocol LI.FI has lost $11.6 million in an exploit, but says operations are now back to normal.

What's the scoop?

  • User Advisory: The team has asked users to avoid the protocol and revoke permissions if you have set unlimited permissions on tokens through LI.FI or Jumper Exchange.
  • Recurring Issues: Security firm Peckshield alleges a similar attack affected LI.FI in 2022.
  • Security Measures: LI.FI advises users to use a site like Revoke.Cash to revoke permissions as soon as possible. (Learn how to use Revoke Cash here.)

Bankless Take:

This LI.FI exploit is another painful reminder of the importance of constant onchain vigilance and the need for diligent security practices. The hack originated from a new contract deployed five days ago to pay gas fees on Ethereum. While the LI.FI team has already sprung into action and is working with law enforcement to hopefully recover the funds, we should all take this as a lesson to regularly review and revoke unnecessary onchain permissions to safeguard our bags.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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