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Hackers stole $6 million from users of Li Finance Blockchain Protocol

Blockchain research firm CertiK reported that cybercriminals lost more than $1.3 billion last year by breaching the Decentralized Finance (DeFi) protocol.
Hacking cases involving the crypto segment have increased in recent months. Hackers have now targeted users of the blockchain protocol Li Finance (LiFi). Nearly $600,000 have been stolen from 29 crypto wallets linked to LiFi. LiFi has investigated and found that hackers breached a feature of its smart contract and stole cryptocurrencies from wallets that had given multiple approvals. 

Through LiFi, people can convert their cryptocurrency to another crypto asset. It was hacked last weekend. The crypto assets stolen by the hackers include Polygon, USD Coin, Tether and DAI. firm’s claim That he has compensated the loss to 25 wallets. According to CryptoPotato, these 25 wallets held a total of about $80,000. The remaining four wallets contained the bulk of the stolen money. LiFi has given a special proposal for these wallets. These are being offered to convert loss funds into angel investments in LiFi. This will give them LiFi tokens later on on the same terms as the current funding round. LiFi says this is a good offering as it has the potential to accelerate significantly. If users do not accept this option, they will be compensated for the same loss as other wallets. 

Along with this, LiFi has claimed to overcome the shortcomings of the system, which was used by hackers to steal it. Blockchain research firm CertiK has reported that cybercriminals caused more than $1.3 billion in damages last year by breaching the Decentralized Finance (DeFi) protocol. DeFi is a system that allows financial products to appear on a public blockchain network that is not regulated by any central bank or intermediary.

Hackers stole more than $600 million last year by breaking into the blockchain-based platform Poly Network. This is the biggest ever hacking case in DeFi. Last month, the crypto platform Wormhole Portal suffered a loss of about $320 million in one such cyber attack. 

 

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