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Hacked Liquidity Protocol Jimbos Offers Deadline to Exploiters Before Onboarding Law Enforcement

AA News - Chayanika Deka 2023-05-29 18:45

Arbitrum-based liquidity platform – Jimbos Protocol – revealed working with multiple security researchers and on-chain analysts after suffering an exploit of around $7.5 million over the weekend.

  • According to the latest update, Jimbos said the team will engage with law enforcement agencies after 4 PM UTC on Monday if the exploiter failed to return the stolen funds.

“Quick update: We are already working with multiple security researchers and on-chain analysts who helped with both the Euler Finance and Sentiment exploits. We will start working with law enforcement agencies tomorrow by 4PM UTC if this isn’t sorted out by then.”

  • As previously reported, Jimbos was hacked on the morning of May 28, resulting in the loss of over 4,000 ETH.
  • Blockchain expert PeckShield blamed the lack of slippage control in the main contract, which enabled the attackers to extract a $5.9 million flash loan, manipulate the prices of JIMBO, the protocol’s native token, and run away with treasury funds.
  • The team behind the protocol sent a message embedded in a transaction to the exploiter’s wallet address, offering to stop all investigations if 90% of the stolen funds are returned.
  • Jimbo debuted less than a month ago, while its second version was launched just three days before the exploit.
  • Meanwhile, Jimbo’s first iteration also encountered issues shortly after its launch on May 16th. As a result, the team warned the users to cease all interactions with the token, dubbing V1 contracts as “irreparably broken.”

The post Hacked Liquidity Protocol Jimbos Offers Deadline to Exploiters Before Onboarding Law Enforcement appeared first on CryptoPotato.