LiFi Protocol Under Attack: $10 Million in Cryptocurrency Drained
The LiFi protocol is currently facing a major security breach, with over $10 million in cryptocurrency being drained due to suspicious transactions. According to a recent post on Twitter, the total losses across different chains are estimated to be around $10 million.
The LiFi team is urging users to revoke their approval of certain addresses to mitigate the risk. They have advised users not to interact with any LI.FI supported apps at this time as they investigate a potential vulnerability. It is recommended that users who have not set unlimited approvals are not at risk of being affected.
Cryptocurrency Hacks Surge During Bull Market
As cryptocurrency traders gear up for a bull market, hackers are taking advantage of the excitement. In a recent incident, hackers managed to gain control over the LiFi protocol, resulting in significant losses amounting to $10 million.
LiFi has issued a warning to users, urging them not to engage with any supported applications until further notice. The team is actively investigating the security vulnerability and has identified that only users who have manually set unlimited approvals are at risk.
Hackers Convert Stolen Cryptocurrencies to Ethereum
Recent on-chain data shows that hackers are converting stolen cryptocurrencies, such as USDC and USDT, to Ethereum. The group or individual behind the attack has not yet been identified, leaving users concerned about the security of their assets.
The LiFi team has requested users to revoke all approvals for certain addresses to prevent further unauthorized access and potential losses.
