Security Breach at Lifi Finance Leads to $8 Million Loss, Issues App Warning
Lifi Finance, a decentralized finance (DeFi) protocol, suffered an $8 million loss due to an exploit, as reported recently.
On Tuesday, security firm Peckshield disclosed that Lifi Finance was compromised, resulting in the theft of approximately $8 million. The project’s developers confirmed the breach and cautioned users against interacting with Lifi-powered applications for the time being. Peckshield indicated that the exploit may have exploited a router approval vulnerability, similar to one observed in March 2022. Lifi Finance had previously addressed a similar incident in March 2022, where $600,000 was stolen from 29 wallets.
Following that breach, Lifi had reimbursed affected wallets and conducted a post-mortem analysis. The current breach announcement coincides with ongoing investigations into security incidents linked to the Lazarus hacking group, prompting Lifi Finance to urge immediate action from its users to secure their accounts.
Clever Robot News Desk 17th July 2024
