Jimbos Protocol, an Arbitrum-based protocol, has sought assistance from security researchers and on-chain analysts following a hack. The protocol was targeted by an exploiter who used a loophole in the code to carry out a flash loan. The hack resulted in the loss of funds worth some ETH 4,048, or about $7.5 million, which were later bridged to Ethereum.

PeckShield, a blockchain security company, raised the alarm after discovering the stolen funds had been transferred to Ethereum. The protocol has since cooperated with security experts, bridges, and exchanges to identify leads on the attacker.

The protocol has extended an offer to the suspected hacker, offering to reach a mutually satisfactory understanding. The offer includes a carrot and a stick. Jimbos Protocol has promised not to pursue the attacker if they return 90% of the stolen funds, but if they don’t, the protocol will not stop until the attacker is behind bars.

Jimbos Protocol Seeks Help from Security Experts and Analysts

Jimbos Protocol has turned to security researchers and on-chain analysts for assistance after falling victim to a hack. The protocol has been cooperating with experts to identify promising leads on the attacker and has extended an offer to the suspected hacker.

The hacker used a loophole in the protocol’s code to carry out a flash loan, resulting in the loss of funds worth some ETH 4,048, or about $7.5 million. PeckShield, a blockchain security company, raised the alarm after discovering the stolen funds had been transferred to Ethereum.

Jimbos Protocol has promised not to pursue the attacker if they return 90% of the stolen funds, but if they don’t, the protocol will not stop until the attacker is behind bars. The protocol has invited the hacker to communicate via a secure email address.

Jimbos Protocol has sought assistance from security researchers and on-chain analysts following a hack that resulted in the loss of funds worth some ETH 4,048, or about $7.5 million. The protocol has cooperated with experts to identify promising leads on the attacker and has extended an offer to the suspected hacker.

The offer includes a carrot and a stick, promising not to pursue the attacker if they return 90% of the stolen funds, but if they don’t, the protocol will not stop until the attacker is behind bars. The protocol has invited the hacker to communicate via a secure email address.

Blockchain

Articles You May Like

Bitcoin Price Could Surge Towards $28,500 Resistance Level
Uncovering Scandals and Legal Challenges in East Asian Crypto Markets
The New Era of Cryptocurrency Regulations in New York State
Gemini Co-Founders Consider Second Headquarters in the UK Amid Regulatory Scrutiny

Leave a Reply

Your email address will not be published. Required fields are marked *