Jimbos Offers Hacker 10% of Stolen $7.5M

Defi-Protocol Project Jimbos Tries to Reach Agreement with Hacker

The team behind the recently launched Defi-Protocol project, Jimbos, has been hacked. The incident occurred on May 28, with the attacker withdrawing 4090 ETH from the project. The team, recognizing the hacking event, suspended all operations as investigations began. The native token of Jimbos, Jimbo, was created to encourage users to provide liquidity to the pools and earn interest. However, an error in the Jimbocontroller smart contract allowed the attacker to manipulate Jimbo prices through a flash loan, causing a drop in Jimbo prices, resulting in about $7.5 million in losses to the project.

Following the hacking incident, the Jimbos team reached out to the attacker with a proposal. The team suggested that if the hacker returned 90% of the stolen funds, they would agree not to pursue the hacker legally. The team gave the hacker a deadline of May 29th to respond to the proposal.

In a recent tweet, the team notified the public that the hacker has yet to respond to their proposal. They revealed that they had found “promising evidence” that could help identify the attacker. They have, however, noted that if the hacker did not agree to their proposal, they would have to involve legal authorities.

Jimbo is a liquidity protocol on the ARBITRUM network, launched only three weeks ago. It remains to be seen how this issue will be resolved, and how the hacking incident will impact the future of the project.

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