Li​.Fi Protocol Loses $10M in Hacker Attack

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On July 16, Li.Fi, an API for conducting swaps and bridging between Ethereum Virtual Machine and Solana, was the target of an attack resulting in over $10 million worth of cryptocurrencies being stolen.

An investigation by Cyvers revealed that suspicious transactions involving a specific contract address, 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae, had triggered the team’s system alerts.

As a precaution, Cyvers advised all users to revoke their approvals for this address. According to Meir Dolev, co-founder and chief technology officer at Cyvers, this incident serves as a reminder for protocols to remain vigilant against possible attacks:

“In the crypto space, hackers are actively looking for vulnerabilities and loopholes to exploit, and these kinds of incidents highlight the importance of continuously reviewing and securing protocols to protect user assets.”