LiFi Protocol has been breached and $8M have been drained so far. Cyvers Alerts advises revoking approvals for 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae. Attackers are converting USDC and USDT to ETH, emphasizing DeFi security risks.

LiFi Protocol, a vital API facilitating swaps between Ethereum virtual machine (EVM) and Solana (SOL), has fallen victim to a devastating cyberattack. Reports from Cyvers Alerts indicate that hackers have exploited a specific contract address associated with LiFi Protocol, leading to the theft of more than $8 million in cryptocurrencies, predominantly stablecoins. The breach was detected when Cyvers Alerts flagged suspicious transactions linked to the address 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae on LiFi Protocol.

LiFi Protocol attackers leveraged user approvals According to Meir Dolev, co-founder and CTO at Cyvers, the attackers have leveraged user approvals linked to this address to drain assets stored within smart contracts and connected wallets. The attackers have predominantly converted USDC and USDT tokens into ETH, exacerbating the financial impact of the breach. In response to the breach, Cyvers Alerts has urgently advised users to revoke any approvals granted to the compromised address. This precautionary measure aims to mitigate further losses within the LiFi Protocol ecosystem. Cyvers Alerts continues to monitor the situation closely, with ongoing updates anticipated as investigations progress. The incident underscores the persistent vulnerability of decentralized financial platforms to sophisticated cyber threats. It serves as a stark reminder of the importance of robust security measures and vigilant user oversight in safeguarding digital assets within blockchain ecosystems.

Share this article

Categories

Crime Markets

Tags

Cryptocurrency News DeFi News Stablecoin

U.S. spot Bitcoin ETFs saw $301 million in net inflows on Monday. BlackRock’s IBIT led with $117.25 million in inflows. Since January, total net inflows for BTC spot ETFs have reached $16.11 billion.

Spot Bitcoin ETFs in the U.S. logged $301 million in net investments on Monday, marking the seventh consecutive day of positive growth driven by increasing investor interest in Bitcoin as a legitimate financial instrument. BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, led the day’s inflows with $117.25 million. Ark Invest and 21Shares’ ARKB closely followed with $117.19 million in net inflows. This surge is part of a broader trend, with the ETFs collectively amassing $16.11 billion in net investments since their launch in January. Monday’s inflows were accompanied by a notable trading volume of $2.26 billion across the 11 U.S.-based spot bitcoin ETFs. While this figure is significant, it remains lower than peak volumes in March, which exceeded $8 billion on several trading days. Nevertheless, the sustained investments show growing investor confidence and interest in Bitcoin ETFs. Blackrock lends legitimacy to Bitcoin. Larry Fink, CEO of BlackRock, recently described Bitcoin as a “legitimate financial instrument” in a CNBC interview, acknowledging a shift in his previously skeptical stance on the cryptocurrency. This endorsement from the head of the world’s largest asset manager likely contributed to the surge in inflows for BlackRock’s IBIT. Other ETFs, besides BlackRock’s IBIT and Ark Invest’s ARKB, also saw substantial inflows. Fidelity’s FBTC recorded $36.15 million, Bitwise’s BITB saw $15.24 million, and VanEck, Invesco, and Galaxy Digital also reported positive net inflows. On the other hand, Grayscale’s GBTC, along with ETFs from Valkyrie, WisdomTree, and Hashdex, recorded zero net flows on Monday. Bitcoin’s price surged above $64,000, reaching $64,770 at the time of publication. This price rally followed a significant jump to nearly $63,000 on July 15, spurred by market reactions to Donald Trump’s defiant response to an assassination attempt. The cryptocurrency’s value continued to climb, driven by robust inflows into spot Bitcoin ETFs. Growing investor confidence in ETFs Matteo Greco, a research analyst at Fineqia International, noted that Bitcoin’s price increase and the sustained capital towards ETFs reflect growing investor confidence. This trend has resulted in BTC spot ETFs managing over $51.3 billion in assets, representing more than 4.5% of the total Bitcoin supply. In addition to the positive developments for Bitcoin ETFs, the market is also anticipating the launch of spot Ether ETFs. Sources from two U.S. issuers have confirmed that these ETFs should debut on July 23. Analysts predict substantial investments into these ETFs, mirroring the success of Bitcoin ETFs, albeit adjusted for the differing market dynamics between Bitcoin and Ethereum. The recent influx into digital asset investment products, totaling $1.44 billion last week, highlights the increasing mainstream acceptance and integration of cryptocurrencies into traditional financial markets. With Bitcoin recovering above $62,000 and maintaining its momentum, the continued interest in Bitcoin ETFs signals a promising future for cryptocurrency investment vehicles.

Share this article

Categories

Markets