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Hackers Steal $7.5M in Ether from Arbitrum-based Jimbos Protocol
Arbitrum-based DeFi protocol Jimbos was hacked on May 28, resulting in the loss of 4,000 Ether ($ETH ) worth approximately $7.5 million.
The price of the underlying token, Jimbo (JIMBO), has plummeted by 40% as a result of the attack. #ETH #Jimbos #Jimboshacked #hacker
Read the whole article here: https://optimisus.com/news/crypto-news/hackers-steal-7-5m-in-ether-from-arbitrum-based-jimbos-protocol/
Arbitrum-based DeFi protocol Jimbos was hacked on May 28, resulting in the loss of 4,000 Ether ($ETH ) worth approximately $7.5 million.
The price of the underlying token, Jimbo (JIMBO), has plummeted by 40% as a result of the attack. #ETH #Jimbos #Jimboshacked #hacker
Read the whole article here: https://optimisus.com/news/crypto-news/hackers-steal-7-5m-in-ether-from-arbitrum-based-jimbos-protocol/
Hackers Steal $7.5M in Ether from Arbitrum-based Jimbos Protocol
Arbitrum-based DeFi protocol Jimbos was hacked on May 28, resulting in the loss of 4,000 Ether (ETH) worth approximately $7.5 million.
The attack was carried out by exploiting a vulnerability in the protocol’s liquidity conversion mechanism. The attacker was able to reverse swap orders for their own gain, resulting in the loss of funds.
Source: PeckShieldAlert
Jimbos Protocol is a relatively new protocol, having only been launched in April 2023. The protocol aims to address liquidity and volatile token prices through a new testing approach.
However, the protocol’s mechanism was not adequately developed, leading to the logical vulnerability that was exploited in the attack.
The price of the underlying token, Jimbo (JIMBO), has plummeted by 40% as a result of the attack.
Source: PeckShieldAlert
Hacking incidents in DeFi protocols are not a novel phenomenon. While reports indicate a significant decline in the number of attacks compared with previous years, the community continues to be exposed to numerous exploits. #ETH #Ethereum #Jimbos #Hackers #Jimboshacked
The attack was carried out by exploiting a vulnerability in the protocol’s liquidity conversion mechanism. The attacker was able to reverse swap orders for their own gain, resulting in the loss of funds.
Source: PeckShieldAlert
Jimbos Protocol is a relatively new protocol, having only been launched in April 2023. The protocol aims to address liquidity and volatile token prices through a new testing approach.
However, the protocol’s mechanism was not adequately developed, leading to the logical vulnerability that was exploited in the attack.
The price of the underlying token, Jimbo (JIMBO), has plummeted by 40% as a result of the attack.
Source: PeckShieldAlert
Hacking incidents in DeFi protocols are not a novel phenomenon. While reports indicate a significant decline in the number of attacks compared with previous years, the community continues to be exposed to numerous exploits. #ETH #Ethereum #Jimbos #Hackers #Jimboshacked
⚡#Jimbos Protocol hack leads to the 4090 ETH loss (w/ ~$7.5M).
This hack is due to the lack of slippage control of liquidity-shifting operation -- such that the protocol-owned liquidity is invested into a skewed/imbalanced price range, which is exploited in reverse swap for profit.
source: #Peckshield
#arbitrum #arbiscan
This hack is due to the lack of slippage control of liquidity-shifting operation -- such that the protocol-owned liquidity is invested into a skewed/imbalanced price range, which is exploited in reverse swap for profit.
source: #Peckshield
#arbitrum #arbiscan
