Hacker penetrates Li Finance smart contract protocol takes $600K in tokens from 29 users’ wallets.
The exploit occurred on Sunday at 2:51 am UTC. The attacker was able to penetrate Li Finance protocol and gain “infinite approval.”
- The swap aggregator, Li Finance, has experienced a smart contract exploit that led to a total loss of approximately $600,000.
- The attack drained varying amounts of 10 different tokens from 29 users’ wallets.
- 25 of the 29 wallets that were hit in the attack have been reimbursed from treasury funds for their losses.
The latest DeFi exploit sees $600,000 stolen from the Li Finance protocol. The swap aggregator, Li Finance, has experienced a smart contract exploit that led to a total loss of approximately $600,000 from 29 users’ wallets.
The exploit occurred on Sunday at 2:51 am UTC. The attacker was able to penetrate Li Finance protocol and gain “infinite approval.” As a result, the hacker could drain varying amounts of 10 different tokens from users’ wallets.
Amongst the stolen tokens were USD Coin (USDC), Rocket Pool (RPL), Polygon (MATIC), Gnosis (GNO), Metaverse Index (MVI), Tether (USDT), Audius (AUDIO), Jarvis Reward Token (JRT), AAVE (AAVE) and DAI (DAI).
After learning about the exploit at 2:15 pm, 12 hours later, the team had shut down all swapping functions on the platform to prevent any further losses.
A post mortem detailing the events of the exploit was issued by the team at 2:50 am UTC Monday. According to the team, the attacker had swapped the stolen tokens for about 205 Ether (ETH), valued at approximately $600,000. The stolen ETH had yet to be moved from the attacker’s wallet.
The LiFi team also assured users that the bug had been identified and patched.
25 of the 29 wallets that were hit in the attack have been reimbursed from treasury funds for their losses. However, the 25 wallets reimbursed only accounted for $80,000, or 13% of the total value lost. The owners of the remaining four wallets have been contacted and offered a deal to compensate them by honoring their losses as angel investors in the protocol.
Source: https://cointelegraph.com/news/li-finance-protocol-loses-600-000-in-latest-defi-exploit
Disclaimer
Although the material contained in this website was prepared based on information from public and private sources that AMPRaider.com believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and AMPRaider.com expressly disclaims any liability for the accuracy and completeness of the information contained in this website.
