Lifi Finance has lost $8 million in a recent exploit, following a similar breach in March 2022. Users are advised to avoid Lifi-powered applications temporarily as investigations continue.
Bollywood Fever: On Tuesday, the on-chain security firm Peckshield announced that LiFi Finance had been compromised, leading to the theft of an estimated $8 million. The development team of the project confirmed the breach and advised users to avoid using any LiFi-powered applications for the time being, stating:
“Please do not interact with any LiFi powered applications for now.”
The breach is believed to have resulted from a router approval exploit. Peckshield noted that a similar vulnerability was exploited in March 2022, stating, “The bug is basically the same.” LiFi Finance had previously published a post-mortem on the March 2022 incident, during which $600,000 was stolen from 29 wallets. At that time, LiFi assured that the affected wallets were reimbursed.
This announcement comes amid a series of hacks attributed to the North Korean hacking group Lazarus. LiFi Finance has urged all users to “immediately use our secluded revoke website” and reported that “4 more security breaches have been identified” during their ongoing investigation.
Also Read other news articles, Dow Jones Hits All-Time High as Retail Sales Boost Confidence in Fed’s Easing Cycle
Argentina Triples Lithium Production Capacity in Two Years
PNC Financial Reports Higher Q2 Profit Amid Recovering Investment Banking Revenue
CleanSpark’s Stock Falls 10% Following $800M Share Offering Announcement
UK Car Production Increases by 14.6% in February, According to Industry Association
UnitedHealth Group Distributed Over $3.3 Billion to Healthcare Providers Affected by Cyberattacks