Hacked Liquidity Protocol Jimbos Gives Exploiters Deadline Before Law Enforcement

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

• as per latest UpdatesJimbos added that the team will hold talks with law enforcement agencies after 4 p.m. UTC on Monday if the exploiter fails to return the stolen funds.

“Quick Update: We are already working with several security researchers and on-chain analysts who helped with both the Euler Finance and Sentiment exploits. We will begin working with law enforcement agencies tomorrow at 4PM UTC Will do, if it is not resolved 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 a lack of slippage controls in the main contract, which enabled attackers to take out $5.9 million in quick loans, manipulate the price of the protocol’s native token, JIMBO, and make off with treasury funds.
• The team behind the protocol sent a message embedded in the transaction to the exploiter’s wallet address, Offering Stop all investigations if 90% of the stolen money is returned.
• Jimbo debuted less than a month ago, while its second version was launched just three days before the exploit.
• Meanwhile, the first iteration of Jimbo also encountered problems shortly after its May 16 launch. As a result, the team warned users to cease all interactions with the token, labeling V1 contracts “irreparably broken”.