LI FI, a cross-chain transaction aggregator, recently experienced an $8.7 million security breach associated with a specific Ethereum address. Users are advised to revoke approvals to this address and avoid using LI FI-based applications temporarily.
The hacker withdrew over $8 million, mostly in stablecoins like USDC and USDT, and is converting them into ETH. The LI FI team has identified additional addresses needing urgent revocation to prevent further risks.
To address the breach, LI FI has shut down Sharpe Bridge and Sharpe Refuel. Users without infinite approvals aren’t affected. This incident is part of a series of recent DeFi hacks, including a $19.3 million exploit of UwU Lend.
Security firms are actively investigating to prevent future breaches. This highlights the critical need for enhanced security protocols in the crypto market.
