LiFi protocol hack: Hacker steals more than $8 million
The LiFi bridging protocol was exploited for more than $8 million on Tuesday, with the hacker targeting specific accounts. The platform urged users not to interact with any LiFi-powered applications.
The prevalence of cyber hacks remains a dominant threat to the industry, and participants must be constantly vigilant to avoid falling victim.
LiFi protocol suffers hack for more than $8 million
The LiFi Protocol confirmed the hack in a post on X, urging users not to interact with any LiFi-powered applications. According to the report, the hacker targeted accounts with a manual “infinite approvals” setting:
“Please do not interact with any LiFi-powered applications for now! We are investigating a possible exploit. If you haven't set up infinite approval, you're not at risk,” the ad read.
Read more: Learn about the 10 most important cryptocurrency hacks in 2024
The platform urges users to revoke all approvals for three addresses, offering help upon request. “We urge all users to immediately use our isolated revocation website; four more security breaches have been identified,” the updated protocol updated.
