Li Finance protocol loses $600,000 in latest DeFi exploit

The Li Finance swap aggregator has experienced a smart contract exploit leading to the loss of around $600,000 from 29 users’ wallets. The exploit took place at 2:51 am UTC on Sunday. The attacker was able to extract varying amounts of 10 different tokens from wallets that had given “infinite approval” to the Li Finance protocol. Among the stolen tokens were USD Coin (USDC), Polygon (MATIC), Rocket Pool (RPL), Gnosis (GNO), Tether (USDT), Metaverse Index (MVI), Audius (AUDIO), AAVE (AAVE), Jarvis Reward Token (JRT) and DAI (DAI). When the team learned about the exploit 12 hours later at 2:15 pm UTC, it shut down all swapping functions on the platform in order to prevent any further losses. By 2:50 am UTC on Monday, the team had issued a post mortem detailing the events of the exploit. The team said that the attacker swapped the stolen tokens for a total of about 205 Ether (ETH) valued at roughly $600,000. At the time of writing, the stolen ETH had yet to be moved from the attacker’s wallet. LiFi also assured users that the bug has been identified and patched.

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