LI.FI: Security Firm Reports Irregular Transactions of $8 Million

IconCryptoNewsTerminal Staff16 Jul, 2024

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LI.FI: Security Firm Reports Irregular Transactions of $8 Million

Cybersecurity firm CyberAlert has detected irregular transactions on LI.FI, a multi-chain liquidity and data gateway project. The attacker has exploited LI.FI to swap $8 million worth of funds for ETH, leaving the platform with significant losses. LI.FI is a cross-chain liquidity protocol that facilitates the transfer of assets between different blockchains. It provides a range of services, including token swaps, bridging, and yield farming. The platform is operated by LI.FI Labs, a Swiss-based company. The attack on LI.FI is a reminder of the importance of security in the decentralized finance (DeFi) space. DeFi platforms are vulnerable to a variety of attacks, including hacks, scams, and rug pulls. Users of DeFi platforms should take steps to protect their assets, such as using strong passwords, storing their funds in secure wallets, and being aware of the risks involved.

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