What Happened

SlowMist has reported a security breach impacting major DeFi protocol ether.fi. According to their team, the exploit resulted in losses of about 15.45 ETH (roughly $38,000).

How the Exploit Worked

SlowMist explained that the vulnerability let an attacker set a victim's address as the operator for a transaction without their consent. The attacker then used an existing token allowance granted by the user to drain funds from their wallet.

Background

ether.fi is one of the largest liquid restaking protocols in the Ethereum ecosystem, with a total value locked (TVL) of around $5 billion.