A crypto protocol just lost millions of dollars in altcoins during a major security breach, as reported by Cyvers Alerts.
In recent news, LiFi Protocol, an API facilitating Ethereum virtual machine (EVM) and Solana (SOL) swaps, is currently facing a significant security breach, resulting in the loss of over $8 million in cryptocurrencies.
Cyvers Alerts detected suspicious transactions involving a specific contract address within the LiFi protocol.
As a precautionary measure, Cyvers advised users to immediately revoke approvals linked to the address: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae.
This year has been marked by increased hacker activity in the crypto space, with hundreds of millions being stolen in the past few months and this attack is just one of the many cases, that have been haunting the market.
BingX, a cryptocurrency exchange, has alerted users to a possible security breach involving its hot wallet, leading to the activation of emergency protocols.
In the next five years, government prosecutors and tax agencies are expected to utilize artificial intelligence to analyze blockchain data for crime detection, according to Chainalysis CEO Michael Gronager.
Germany has shut down 47 cryptocurrency exchanges, accusing them of enabling cybercriminals to launder money by ignoring anti-money laundering regulations.
In the wake of the $230 million hack at Indian crypto exchange WazirX, the attackers have moved another $12 million worth of Ethereum.