Another Crypto Protocol, LiFi Protocol, Falls Victim To Hackers

• A crypto protocol, LiFi Protocol, just lost millions of dollars in altcoins during a major security breach, as reported by Cyvers Alerts.

In recent news, LiFi Protocol, an API facilitating Ethereum virtual machine (EVM) and Solana (SOL) swaps, is currently facing a significant security breach, resulting in the loss of over $8 million in cryptocurrencies.

Cyvers Alerts detected suspicious transactions involving a specific contract address within the LiFi protocol.

ALERT@lifiprotocol, Our system has raised suspicious transactions involving your https://t.co/3LzbDK99Ed

We recommend users to revoke their approvals for: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae

More than $8M have been drained so far from users and mostly stablecoins!… pic.twitter.com/zsj9DZWnpU

— Cyvers Alerts (@CyversAlerts) July 16, 2024

As a precautionary measure, Cyvers advised users to immediately revoke approvals linked to the address: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae.

This year has been marked by increased hacker activity in the crypto space, with hundreds of millions being stolen in the past few months and this attack is just one of the many cases that have been haunting the market.