Defi Protocol LI.FI Struck by $11M Exploit

Decentralized finance (DeFi) platform LI.FI protocol has been hit by a roughly $11 million exploit following a series of suspicious withdrawals, on-chain data shows. "Please do not interact with any LI.FI powered applications for now." LI.FI wrote on X. "We're investigating a potential exploit. If you did not set infinite approval, you are not at risk." LI.FI is a protocol that allows users to trade across various blockchains, venues and bridges. It suffered a bug with its swapping feature in 2022, resulting in a $600,000 loss. Crypto security firm Decurity said that the exploit involves the LI.FI bridge.

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