The LI.FI Protocol suffered a cyberattack, resulting in over $8 million in cryptocurrencies being stolen.

The stolen assets include $5.8 million in ether and several million in stablecoins.

The attacker exploited a manual 'infinite approvals' setting to target specific accounts, leading to suspicious withdrawals.

Security firms have advised users to avoid LI.FI-powered applications and revoke approvals for addresses like USDC, USDT, and Arbitrum.

The GasZipFacet vulnerability was exploited, similar to an incident in 2022.

This breach highlights the persistent risks in decentralized finance platforms and the necessity for strong security measures.

Meir Dolev, Co-founder and CTO at Cyvers, emphasized the need for vigilance against cyber attacks to prevent further losses.

LI.FI is investigating the exploit and has urged users to exercise caution as the situation unfolds.