Jimbos Protocol Takes Stand Against Hacker, Demands Stolen Funds or Legal Pursuit

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Jim­bos Pro­to­col Takes Stand Against Hack­er, Demands Stolen Funds or Legal Pursuit 

DeFi App Pro­pos­es Ulti­ma­tum to Cyber Assailant Fol­low­ing $7.5 Mil­lion Secu­ri­ty Breach 

In an unex­pect­ed turn of events, the team behind the com­pro­mised decen­tral­ized finance (DeFi) app Jim­bos Pro­to­col has issued a propo­si­tion to the hack­er respon­si­ble for the secu­ri­ty breach: Retain a tenth of the pur­loined funds and relin­quish the rest, or be pre­pared for a legal pur­suit. The team has demon­strat­ed unyield­ing deter­mi­na­tion to bring the cyber assailant to jus­tice, a sen­ti­ment expressed in a post dat­ed May 28 on the Ethereum network.

After fail­ing to secure a response, the team sent a fol­low-up mes­sage that same night, rein­forc­ing their demand and sig­nal­ing their intent to involve legal author­i­ties should the funds remain unre­turned. Jim­bos Pro­to­col iden­ti­fies as a “respon­sive high-den­si­ty liq­uid­i­ty pro­to­col.” It tries to main­tain the val­ue of its JIMBO token above a pre­de­ter­mined min­i­mum by col­lect­ing Ether (ETH) in the pro­to­col’s trea­sury to bol­ster the token’s price.

The pro­to­col fell prey to a flash loan attack on May 28, with the intrud­er steal­ing $7.5 mil­lion from the trea­sury’s liq­uid­i­ty pool. Numen Cyber Labs, in their assess­ment of the attack, point­ed to a loop­hole in the Jim­bo­Con­troller con­tract. It per­mit­ted any­one to acti­vate the shift() func­tion and inject liq­uid­i­ty into the pool. The hack­er uti­lized this to tam­per with the JIMBO token’s sell-off price dur­ing with­draw­al, effec­tive­ly deplet­ing the pool of $7.5 mil­lion worth of ETH.

DeFi cyber­at­tacks are not a rare occur­rence in the blockchain and Web3 uni­verse. How­ev­er, there is often a sil­ver lin­ing for users as hack­ers some­times con­cede to return­ing the bulk of the stolen funds after dis­cus­sions with the devel­op­ment teams. Euler Finance, a notable case, lost approx­i­mate­ly $200 mil­lion to a hack­er on March 13, mark­ing the largest attack of the year. How­ev­er, the cul­prit returned almost all the funds. Sen­ti­ment, a liq­uid­i­ty pro­to­col, also suf­fered a sim­i­lar attack on April 4, but 85% of the stolen assets were returned two days later.

Accord­ing to the Jim­bos Pro­to­col team, they work along­side the same secu­ri­ty experts and ana­lysts who worked on the afore­men­tioned incidents.

Token­Post | [email pro­tect­ed]

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