• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Breaking News: Tether Announces Strategic Partnership To Combat Stablecoin Misuse
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Bitcoinist.com
No Result
View All Result
Breaking News: Tether Announces Strategic Partnership To Combat Stablecoin Misuse
Hackers Target Li Finance And Get Away With $600,000 In A Recent DeFi Hack

Hackers Target Li Finance And Get Away With $600,000 In A Recent DeFi Hack

Anthoniyan B
by Anthoniyan B
3 years ago
·
Posted in DeFi
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Li Finance smart contract contains a bug that the hacker exploited to access and steal the user’s money. We learned that this amount came from 29 users’ wallets, and since it happened yesterday, the protocol has reimbursed some of the money.

One of the alarming trends in the crypto sector is exploits, hacks, and attacks perpetrated by cybercriminals from time to time. This proves that crypto investment is not always secure and is prone to losses. For example, in the latest exploit, one of the players in the decentralized sector lost $600,000 investors’ money to cyber thieves.

Related Reading | Weekend Rally Puts Dogecoin 10% Ahead, But Can The Meme Coin Hold?

We also learned that the amount came from different cryptos such as AAVE, Tether (USDT), DAI, USD Coin (USDC), Audius (AUDIO), Polygon (MATIC), etc.

More About The Li Finance Exploit

The incident occurred on Sunday, March 20, but the team got to know it after 12 hours had passed. However, they did stop every swapping activity on their network so that more money won’t be lost.

On March 21, the team announced the event to alert users of what had happened. According to them, the hacker was using the swapping function and got away with 205 Ethereum, which wasn’t yet recovered as at the time of the announcement. But according to the Li Finance team, they have patched the bug that opened access to the hackers.

Luckily, at least 25 wallet addresses that were hacked have gotten back their funds. The team covered the losses through their treasury funds. But the amount from these wallets was only $80,000, meaning that the bulk of the money totaling $517,000 hasn’t been refunded.

However, the protocol is making deals with the wallet owners to become angel investors in the DeFi protocol. Also, the team contacted the hacker to refund the money and offered him a bounty if he did so.

The Exploit’s Impact On Li Finance

Apart from the funds stolen, there’s another negative impact that Li Finance incurred due to the attack. According to CEO Philip Zentner, the protocol was preparing for an audit which was to take place seven days to come.

The alarming aspect is that many companies will be auditing the protocol, and this incident has thrown them into a negative light.

However, a researcher sharing his opinion about the incident mentioned that the bug wouldn’t have been easy to detect unless someone had paid close attention. But that notwithstanding, it is clear that infinite approvals, which protocols use smart contracts to do, are not very safe for investors’ funds.

Related Reading | The New Token Ethereum Whales Are Bullish On

It opens up a lot of vulnerabilities for investors who engage in coin swapping. So, it’s evident that the idea that one approval is enough to carry out a large number of swapping on any exchange needs to be reviewed.

Featured image from Pixabay, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anthoniyan B

Anthoniyan B

Follow

Anthoniyan began writing cryptocurrency news several years ago. She continues to share her passion for cryptocurrencies through her work.

Full Profile

Related Posts

Bitcoin

Senate To Address IRS DeFi Broker Rule: Overturn Vote Expected By Week’s End

3 months ago
X Money to Support Crypto at Launch? Best Wallet Is the Perfect Companion

X Money to Support Crypto at Launch? Best Wallet Could be the Missing Link

6 months ago
Ethereum Token Terminal

Are Ethereum DeFi Titans Like Uniswap, Maker, And Lido Grossly Undervalued?

1 year ago
Tron

Tron DeFi On Fire: Ecosystem Surges Past $21 Billion Milestone

1 year ago
Shiba Inu

Why Did Dogecoin And Shiba Inu Drop Almost 15% Today?

1 year ago
Uniswap users Base Optimism

UNI Soars 110% As Number of Uniswap Users On Base, Optimism Double

1 year ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Start Bitcoin Mining Machines with “King of...

    1 hour ago
  • DL Mining Launches Free Mining: Bitcoin, Dogecoin and...

    3 hours ago
  • Earn $4371 a day! ETH Launches Dogecoin Miner Guide: Zero...

    6 hours ago
  • Unlock Free Bitcoin & Dogecoin Profits: Top 10 Safe...

    8 hours ago
  • Why SpacePay Might Spark the Next Crypto Payments Revolution During Its Viral Presale

    Why SpacePay Might Spark the Next Crypto Payments...

    10 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.