DeFi Protocol LI.FI Hit by $8 Million Hack

Decentralized finance (DeFi) platform LI.FI protocol has been hit with an exploit worth nearly $8 million following a series of suspicious withdrawals, according to on-chain data.

“Please do not interact with LI.FI-enabled applications for now. This is a potential exploit and we are investigating. If you have not consented to anything, you are not at risk,” the protocol said in a Twitter post.

LI.FI is a protocol that allows users to trade across various blockchains, domains, and bridges.

The wallet containing the stolen funds contained 1,715 ether (ETH) worth $5.8 million, as well as stablecoins USDC, USDT, and DAI.

Crypto security firm Decurity says the exploit occurred against the LI.FI bridge.

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A report published by Immunefi in May revealed that $473 million worth of cryptocurrency was stolen through hacks, exploits, and rug pulls in the first half of 2024.