Verify a decision

{"actor":"system:backfill","investigation_id":"2df4caa5-106c-4e77-87ee-60ad5190dd3c","kind":"publish","page_slug":"lifi-protocol","published_at":"2026-05-30T19:10:23.237Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"LiFi Protocol","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://li.fi/","type":"other","url":""},{"credibility":3,"name":"https://li.fi/knowledge-hub/li-fi-secures-usd29m-in-series-a-extension-led-by-multicoin-and-coinfund-to/","type":"other","url":""},{"credibility":3,"name":"https://stablecoininsider.org/lifi-cross-chain-aggregator-2026/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://blog.li.fi/20th-march-the-exploit-e9e1c5c03eb9","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/li-finance-protocol-loses-600-000-in-latest-defi-exploit","type":"other","url":""},{"credibility":3,"name":"https://cryptopotato.com/hacker-drained-600k-worth-of-crypto-from-li-finance/","type":"other","url":""},{"credibility":3,"name":"https://crypto.news/li-finance-defi-protocol-600k-reimburse/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://li.fi/knowledge-hub/incident-report-16th-july/","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/business/2024/07/16/defi-protocol-lifi-struck-by-8m-exploit","type":"other","url":""},{"credibility":3,"name":"https://cryptorank.io/news/feed/9ad65-lifi-protocol-loses-10m-in-second-hack","type":"other","url":""},{"credibility":3,"name":"https://cybersecuritynews.com/li-fi-protocol-hack/","type":"other","url":""},{"credibility":3,"name":"https://cryptobriefing.com/lifi-smart-contract-hack/","type":"other","url":""},{"credibility":3,"name":"https://revoke.cash/exploits/lifi-2024","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cryptorank.io/news/feed/9ad65-lifi-protocol-loses-10m-in-second-hack","type":"other","url":""},{"credibility":3,"name":"https://medium.com/@gr_gred/li-fi-exploits-explained-the-same-mistake-twice-b46b1b9b4610","type":"other","url":""},{"credibility":3,"name":"https://www.quillaudits.com/blog/hack-analysis/lifi-protocol-exploit","type":"other","url":""},{"credibility":3,"name":"https://blog.solidityscan.com/li-fi-hack-analysis-521388128d22/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://crypto.news/li-finance-defi-protocol-600k-reimburse/","type":"other","url":""},{"credibility":3,"name":"https://www.binance.com/en/square/post/2024-07-23-li-fi-initiates-voluntary-compensation-plan-after-hack-11182507343826","type":"other","url":""},{"credibility":3,"name":"https://li.fi/knowledge-hub/incident-report-16th-july/","type":"other","url":""},{"credibility":3,"name":"https://cryptonews.com/news/lifi-protocol-releases-post-mortem-report-on-recent-11-6-million-hack/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.prnewswire.com/news-releases/lifi-secures-29m-in-series-a-extension-led-by-multicoin-and-coinfund-to-scale-the-universal-liquidity-market-for-digital-assets-302639425.html","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/business/2025/12/11/cross-chain-liquidity-protocol-li-fi-raises-usd29m-in-series-a-extension","type":"other","url":""},{"credibility":3,"name":"https://www.ypog.law/en/press/ypog-advises-li.fi-on-17.5-million-series-a-financing-round","type":"other","url":""},{"credibility":3,"name":"https://www.crunchbase.com/organization/li-finance-fbae","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://revoke.cash/exploits/lifi","type":"other","url":""},{"credibility":3,"name":"https://revoke.cash/exploits/lifi-2024","type":"other","url":""},{"credibility":3,"name":"https://x.com/lifiprotocol/status/1813207291778215955","type":"other","url":""}]}],"sources_used":[],"summary":"LI.FI (formerly Li.Finance) is a cross-chain liquidity aggregation protocol founded in 2021 that routes swaps across bridges and DEXs via a unified API, SDK, and widget. The protocol has suffered two distinct smart contract exploits — a $600,000 approval drain in March 2022 and an approximately $11.6 million drain in July 2024 — with security firm PeckShield noting the root causes were 'basically the same.' Both incidents involved arbitrary-call vulnerabilities that allowed attackers to abuse users' infinite token approvals, raising concerns about repeated security failures despite prior disclosure.","timeline":[{"date":"2021-01-01","event":"LI.FI (formerly Li.Finance) founded by Philipp Zentner to provide cross-chain bridge and DEX aggregation infrastructure.","source":""},{"date":"2022-03-20","event":"First exploit: attacker drains approximately $600,000 from 29 user wallets via an arbitrary-call vulnerability in the pre-bridge swap feature. Team disables swap methods and begins post-mortem.","source":""},{"date":"2022-03-21","event":"LI.FI publishes post-mortem blog post on the March 2022 exploit and announces partial reimbursement plan.","source":""},{"date":"2023-05-01","event":"LI.FI closes $17.5 million Series A funding round co-led by CoinFund and Superscrypt.","source":""},{"date":"2024-07-11","event":"GasZipFacet smart contract facet deployed to the LI.FI diamond proxy — approximately five days before the second exploit.","source":""},{"date":"2024-07-16","event":"Second exploit: attacker exploits missing whitelist validation in GasZipFacet's depositToGasZipERC20() function, draining approximately $11.6 million from 153 wallets across Ethereum and Arbitrum. LI.FI disables the vulnerable facet and issues emergency warning.","source":""},{"date":"2024-07-16","event":"PeckShield publicly states the 2024 bug is 'basically the same' as the 2022 exploit.","source":""},{"date":"2024-07-19","event":"LI.FI publishes Security Incident Report for the July 16 exploit, attributing the vulnerability to 'individual human error in overseeing the deployment process.'","source":""},{"date":"2024-07-23","event":"LI.FI initiates voluntary compensation plan for all 153 affected wallets, backed by major investors.","source":""},{"date":"2025-12-11","event":"LI.FI raises $29 million Series A extension led by Multicoin Capital and CoinFund, bringing total capital raised to approximately $51.7 million.","source":""}]},"v":1}