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Li Finance suffers smart contract breach

Li Finance

TL; DR Breakdown

  • Li Finance suffers $600,000 loss in attack
  • The hacker stole from 29 wallets
  • Li Finance offers hacker bug bounty

The activities of scammers in the sector have continued to deepen the sector in the abyss of embarrassment. This is because potential traders are always wary of losing their hard-earned cash to malicious actors in the sector. In another move that is pushing the crypto sector one step, Ali Finance, a decentralized finance protocol in the sector, has suffered a smart contract breach.

The hacker stole from 29 wallets

According to intimate details of the event, the hackers carted away with about $600,000 worth of tokens from close to 30 wallets. The attack was said to have occurred close to 2 am on March 20. More details revealed that the hacker was able to steal about ten different tokens from the respective wallets. This was possible because the said wallets had already approved Li Finance beforehand.

Some of the stolen tokens on the platform include Audius, USDC, DAI, Gnosis, and others. After the team discovered the attack some hours later, it announced a shutdown of all activities related to swapping across the platform. This was carried out to help limit the amount of damage and prevent a further loss of funds.

Li Finance offers hacker bug bounty

According to Li Finance, after stealing all the said tokens, the malicious actor exchanged them for Ethereum, worth close to $600,000. Presently, the said funds are still in a wallet that allegedly belongs to the hacker. The protocol, Li Finance, has also given an update saying that it had patched up the breach area. The protocol has also announced that it had already sent back the funds to some wallets involved.

The platform also said that the funds reimbursed to the wallets were about $80,000, which was merely 13% of the entire funds. Others affected have been offered a deal that will guarantee his status as an angel investor. With this, they will be rewarded with LiFi tokens under conditions like other DeFi platform participants. This move will help Li Finance reduce the adverse effect the hack could have had on the funds in the treasury.

Li Finance also said it had contacted the hacker to return the funds with a reward for discovering a bug on the platform in place. The said attack is coming off the back of an announcement of an audit in the coming days. According to the platform, many companies will be performing the audit in the days to come.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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