Verify a decision

{"actor":"system:backfill","investigation_id":"2358fff9-3b12-4127-a9eb-13fd34475654","kind":"publish","page_slug":"lifi-finance","published_at":"2026-05-28T03:44:05.489Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"LiFi Finance","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://li.fi/about-us/","type":"other","url":""},{"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":""}]},{"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://revoke.cash/exploits/lifi","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://decrypt.co/240017/defi-protocol-lifi-hacked-9-million-ethereum-stablecoins","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/lifi-releases-incident-report-following-hack","type":"other","url":""},{"credibility":3,"name":"https://threesigma.xyz/blog/exploit/lifi-9m-protocol-exploit-analysis","type":"other","url":""},{"credibility":3,"name":"https://revoke.cash/exploits/lifi-2024","type":"other","url":""},{"credibility":3,"name":"https://cryptorank.io/news/feed/9ad65-lifi-protocol-loses-10m-in-second-hack","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://quillaudits.medium.com/same-mistake-twice-decoding-lifi-protocols-9-7m-exploit-78835e166d23","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://blog.solidityscan.com/li-fi-hack-analysis-521388128d22/","type":"other","url":""},{"credibility":3,"name":"https://li.fi/knowledge-hub/li-fi-launches-usd1million-bug-bounty-program-on-immunefi/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://crypto.news/zachxbt-links-lifi-volume-surge-to-dprk-laundering-post-bybit-hack/","type":"other","url":""},{"credibility":3,"name":"https://bitcoinethereumnews.com/tech/zachxbt-links-lifi-volume-surge-to-dprk-laundering-post-bybit-hack/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.prnewswire.com/news-releases/lifi-raises-17-5-million-series-a-to-help-traditional-finance-build-on-defi-301788542.html","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/382242/multicoin-joins-as-lead-investor-in-li-fis-29-million-series-a-extension-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-2024","type":"other","url":""},{"credibility":3,"name":"https://li.fi/knowledge-hub/li-fi-update-december-2025/","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":""}]}],"sources_used":[],"summary":"LI.FI is a Berlin-based cross-chain bridge and DEX aggregation protocol founded in 2021 by Philipp Zentner and Max Klenk. The protocol has suffered two significant smart contract exploits — a $600,000 loss in March 2022 and an $11.6 million loss in July 2024 — both stemming from the same class of arbitrary-call vulnerability, prompting criticism from security researchers that lessons were not learned. Separately, blockchain investigator ZachXBT alleged in June 2025 that North Korean (DPRK) actors accounted for an estimated 15–25% of the protocol's volume during May 2025, using LI.FI to launder funds from the Bybit hack.","timeline":[{"date":"2021-01-01","event":"LI.FI founded in Berlin, Germany by Philipp Zentner and Max Klenk.","source":""},{"date":"2022-03-20","event":"First exploit: attacker drains approximately $600,000 from 29 wallets using arbitrary call vulnerability in the swapping feature. LI.FI disables swap methods and publishes post-mortem.","source":""},{"date":"2022-07-01","event":"LI.FI raises $5.5 million seed round led by 1kx.","source":""},{"date":"2023-03-01","event":"LI.FI raises $17.5 million Series A co-led by CoinFund and Superscrypt.","source":""},{"date":"2024-07-11","event":"LI.FI deploys new GasZipFacet smart contract component, missing whitelist validation present in other facets.","source":""},{"date":"2024-07-16","event":"Second exploit: attacker exploits GasZipFacet arbitrary call vulnerability, draining approximately $11.6 million from 153 wallets on Ethereum and Arbitrum. Protocol immediately disables vulnerable facet. PeckShield characterizes it as 'basically the same' bug as 2022.","source":""},{"date":"2024-07-18","event":"LI.FI announces voluntary compensation plan for the 153 affected wallets, backed by major investors.","source":""},{"date":"2025-02-01","event":"Bybit exchange suffers approximately $1.4 billion hack attributed to North Korean Lazarus Group.","source":""},{"date":"2025-05-01","event":"LI.FI reports record May 2025 metrics: $3 billion in volume and 4.37 million executed transactions.","source":""},{"date":"2025-06-03","event":"ZachXBT publicly alleges that DPRK hackers laundering Bybit hack proceeds accounted for 15–25% of LI.FI's May 2025 activity, and that over half of Bybit stolen funds had become untraceable on-chain.","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}