Hackers steal nearly $600,000 from 29 crypto wallets of Li Finance blockchain platform
By MYBRANDBOOK
Li Finance (LiFi), a blockchain protocol, has become the latest victim of a hacking incident, in which hackers stole nearly $600,000 (roughly Rs. 4.5 crore) from 29 crypto wallets associated with it.
When investigated, LiFi found that hackers violated the swapping feature of its smart contract and drained crypto assets from wallets that had given infinite approvals. The attackers converted the different crypto assets into 208 Ether tokens, which amounts to Rs. 4.5 crore.
LiFi describes itself as a crypto swap aggregator that allows people to convert the cryptocurrency they hold into another crypto asset.
The platform was hacked on March 20 and post that it had to tentatively disable all swap methods on its protocol. Polygon, USD Coin, Tether, and DAI are among the crypto assets that were stolen by hackers.
The company claimed in its Twitter post that out of the 29 affected wallets, 25 have been reimbursed. As per CryptoPotato, the collective amount stored in these 25 wallets adds up to $80,000 (roughly Rs. 60 lakh).
For the remaining four wallets that held the majority of the stolen funds, LiFi has extended a special proposal.
“We are offering to transform the lost funds into an angel investment into LiFi and, thus, future LiFi tokens under the same terms as our investors in the current funding round. One might see it as an opportunity that would not be possible otherwise with huge upside potential,” LiFi has proposed.
If users decline this option, they would be reimbursed the same way other wallets were.
The company has also claimed that the vulnerability has been fixed.
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