LI FI, a cross-chain transaction aggregator, recently experienced a security breach resulting in a loss of over $9.7 million, primarily in stablecoins. The hacker involved has been withdrawing funds and swapping USDC and USDT for ETH. Cybers Alerts has identified transactions linked to the breach as potentially fraudulent and has advised users to cancel them immediately. The breach has been associated with the Ethereum address 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae, and users are urged not to approve this address.
In response to the breach, LI FI has recommended that users avoid using any LI FI-based applications for now. They have also identified four additional addresses that require immediate revocation of approvals to prevent further access to user funds. These addresses have been flagged for having Infinite Approvals settings that pose a risk to users and should be removed using recommended tools like revoke.cash. The LI FI team has shut down Sharpe Bridge and Sharpe Refuel as they work on resolving the exploit.
The LI FI breach is just one of the latest security incidents in the DeFi sector, with other platforms like UwU Lend and Squarespace also experiencing hacks. Security firms like Arkham and Cyvers have been monitoring these breaches closely and are encouraging users to take steps to secure their funds. The community has been swift in responding to these incidents, with ongoing investigations aimed at understanding the causes of the exploit and preventing similar incidents in the future.
The recent security breaches in the DeFi sector highlight the importance of implementing robust security protocols in the crypto market. With over 105 Web3 platforms affected by the Squarespace incident, including popular projects like Compound Finance and Celer Network, there is a growing need for improved security measures. Security companies and applications are working tirelessly to prevent such breaches and protect user funds. It is essential for users to stay vigilant and take proactive steps to safeguard their crypto assets in light of these recent incidents.
