Today, the decentralized protocol Li.Fi was subjected to a major hack, resulting in a loss of about $10 million. According to the latest developments, the targeting was for accounts with “infinite approvals” settings, as users are now encouraged to cancel these approvals immediately to avoid any additional losses. .
The attack is suspected to be a "call injection" attack, a type of attack in which a function name is injected into an application to execute any legitimate function of the code. The protocol advises users not to interact with any applications using Li.Fi at this time.
Investigations are still ongoing to analyze the situation, learn more about the attack, and enhance the security of the decentralized protocol.
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