Cyvers in the News

LiFi Protocol Under Attack with Over $10 Million Drained

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^{According to reports from Cyvers Alerts}, the breach involved suspicious transactions targeting the Li.Fi protocol through a specific contract address.

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Meir Dolev, co-founder and Chief Technology Officer at Cyvers, emphasized the risk of such approvals, stating,

“Hackers can exploit these approvals to drain both assets stored in the contracts and funds in the connected wallets of users.”

LiFi Protocol exploited for $10 million, warns users to avoid platform

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On July 16, ^{Cyvers Alert reported suspicious transactions involving a LiFi smart contract.}

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^{Meir Dolev, co-founder and chief technology officer at Cyvers, told CryptoSlate:}

“The incident highlights the dangers of giving wallet approvals to smart contracts. It’s crucial for protocols to stay alert, as hackers can take advantage of these approvals to steal both assets in the contracts and funds in users’ connected wallets.”

Li​.Fi protocol attacked, $10M drained

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^{According to Cyvers,} approximately $10 million in cryptocurrency holdings were drained, which also affected the Arbitrum blockchain.

^{Dolev told} Cointelegraph that “this incident underscores the risks inherent in granting wallet approvals to smart contracts.”

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^{Cyvers reported on the incident}, explaining that the attacker funded the attack through the zero-knowledge protocol Railgun and swapped the stolen USD  for Ether (ETH).