Li.Fi Hack: 'Individual Mistake' Led to $12 Million Loss

IconCryptoNewsTerminal Staff18 Jul, 2024

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Li.Fi Hack: 'Individual Mistake' Led to $12 Million Loss

Li.Fi, a multichain liquidity and data gateway protocol, recently suffered a hack that resulted in the loss of $12 million in cryptocurrencies. According to a post-mortem report released by Li.Fi, the incident was caused by an "individual error during a smart contract update." The error left the protocol vulnerable, and hackers were able to exploit it to steal approximately 153 wallets' worth of USDC, USDT, and DAI. Li.Fi is currently working with law enforcement and Web3 security firms to recover the stolen funds. The company has also implemented additional security measures to prevent similar incidents from occurring in the future.