According to PANews, the cross-chain bridge protocol LI.FI reported a security breach in its latest incident report, attributing the attack to a 'human error' during the smart contract update process. The breach has affected an estimated 153 wallets, resulting in a loss of approximately $11.6 million in USDC, USDT, and DAI stablecoins.

The LI.FI team quickly detected the security vulnerability and initiated an 'incident response plan,' disabling the faulty code to contain the threat and prevent any further unauthorized access. The report indicates that the vulnerability occurred shortly after deploying the new smart contract. A flaw in the upgrade allowed attackers to gain unauthorized access to user wallets within minutes of the contract's deployment. The issue stemmed from the ability of contract callers to arbitrarily call any contract without verification, a lapse caused by human error during the deployment process, which led to missing verification checks.

LI.FI stated that its current priority is to assist in recovering user funds and is collaborating with law enforcement and Web3 security firms to address the issue.