DEX Aggregator LI.FI Reimburses Users After Smart Contract Exploit – BeInCrypto

Decentralized exchange aggregator (DEX) Li.Finance experienced an exploit on its smart contract that saw swapping-before-bridging functionality compromised.

The attacker did not manage to perform swaps but did enable token contracts to be called in the context of the LI.FI smart contract, exposing those who gave infinite approval to the LI.FI smart contract.

The exploit occurred at 02:51 AM UTC, with approximately $600K (205 ETH) stolen from 29 wallets, including USDC, MATIC, RPL, GNO, USDT, MVI, AUDIO, AAVE, JRT, and DAI.

The tokens stolen were stolen from users’ wallets based on which token contracts they had given approval, and were later converted to ETH

The tokens remain in the hacker’s wallet, with LI.FI reaching out to discuss the return of user funds and a potential bounty.

LI.FI reimburses affected users

LI.FI fixed the weakness in their smart contract and compensated the majority of affected users within 18 hours. They also disabled infinite token approvals by default….

Read Full Story: https://beincrypto.com/dex-aggregator-li-fi-reimburses-users-after-smart-contract-exploit/

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source: https://news.oneseocompany.com/2022/03/21/dex-aggregator-lifi-reimburses-users-after-smart-contract-exploit-beincrypto_2022032116421.html

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