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Hacker Steals $600K from LiFi Protocol via a Smart Contract Exploit

Hacker Steals $600K from LiFi Protocol via a Smart Contract Exploit

29 digital wallets on the decentralized finance platform had been compromised by an anonymous hacker.

The exploit was initially reported by PeckShield, informing users that hackers managed to get a hold of approximately 200 ETH from the LiFi protocol.

Just moments later, the Li Finance team confirmed the exploit on Twitter, alerting users of a "vulnerability with the LI.FI smart contract." According to the blog, the platform’s smart contract was breached, letting the hacker abuse the swap feature to maliciously take out the funds.

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The approximate amount of funds lost amounted to over $587k, with the hacker stealing them in the form of USD Coin (USDC), Polygon (MATIC), Tether (USDT), Aave (AAVE), Rocket Pool (RPL), Dai (DAI), Gnosis (GNO), Metaverse Index (MVI), Audius (AUDIO), and Jarvis Network (JRT) tokens.

Luckily enough for the LiFi community, the exploit was identified almost immediately after it happened, and the vast majority of the affected wallet holders were reimbursed. With 25 of the wallets valued at $80K were reimbursed, the 4 other wallets, that held almost $517K, were offered alternative reimbursement in order to "reduce treasury damage."   

Alongside closing the swap feature on the platform and disabling infinite approvals, LiFi contacted the hacker with a bounty offer, hoping that the funds will be returned.

This has been a tough month for decentralized finance protocols, with several platforms getting breached over the past few weeks. Deus Finance recently suffered the biggest loss in recent times, setting the protocol back by $3 million in crypto.

Aaron S., Editor-In-Chief
Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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