- LI.FI bridge protocol hit by a cyberattack on July 16.
- Attack results in a loss of $8 million.
- Voluntary compensation plan announced for affected users.
- Users to fill out forms starting July 18 to claim compensation.
Attack on LI.FI Results in $8 Million Loss
On July 16, LI.FI, a well-known cross-chain bridge protocol, fell victim to a significant cyberattack. The incident resulted in a substantial loss of $8 million, sending shockwaves through the crypto community. LI.FI, a platform enabling seamless asset transfers between different blockchains, now faces the challenge of addressing security vulnerabilities and regaining user trust.
The attack exploited a vulnerability in the protocol, allowing the hackers to drain funds. This incident adds to the growing list of security breaches within the crypto space, highlighting the ongoing challenges in ensuring the safety of digital assets.
LI.FI’s Response and Compensation Plan
In a swift response to the attack, LI.FI announced a voluntary compensation plan to support affected users. Starting on July 18, the platform will begin contacting those impacted by the breach. Users will be asked to fill out relevant forms to participate in the compensation process.
This initiative aims to mitigate the financial impact on users and restore confidence in LI.FI’s services. The company is committed to making users whole and is working diligently to ensure that all affected parties are adequately compensated.
The compensation plan reflects LI.FI’s dedication to maintaining transparency and trust within its user base. By addressing the issue head-on and providing a clear path for restitution, LI.FI hopes to reassure users of its commitment to security and reliability.
