Hackers Steal More Than $7.5M from DeFi Project Jimbos Protocol
Main page News, Ethereum, Hacker Attack, DeFi
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May 29, 2023

The Jimbos Protocol project, which is based on the Arbitrum network, has been attacked by hackers and lost 4,090 ETH from its smart contracts (more than $7.5 million), analysts at PeckShield have reported.

The project team has confirmed the attack. The developers have reported they are "actively in contact" with law enforcement and security professionals.

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These have also posted a message on the Ethereum blockchain asking the hackers to return the stolen assets in exchange for a 10% bounty and waiver of prosecution.

PeckShield has highlighted that the exploit is related to a "slippage control of liquidity" regarding tokens controlled by the protocol. According to analysts, the subtracted funds have been withdrawn through the Stargate and Celer Network infrastructure.

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Numen Cyber has reported that for the attack, the attackers initiated a flash loan of 10,000 ETH. These assets were used to manipulate the price of the JIMBO token, resulting in the draining of liquidity funds.

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