Jimbos protocol offers deal to attacker following exploit

TL;DR Breakdown

  • Jimbos protocol has offered a deal to the attacker that stole $7.5 million from its platform.
  • The platform is working with security agencies to fish out the attacker.

In a recent incident, the team behind the decentralized finance (DeFi) application Jimbos Protocol has taken a unique approach to deal with an exploiter who drained $7.5 million from its treasury-owned liquidity pool. The team has offered the attacker a proposition: return 90% of the funds and keep the remaining 10%, or face potential prosecution and legal consequences.

Jimbos asked the attacker to take the deal or face prosecution

On May 28, the Jimbos team posted a message on the Ethereum network, stating that if 90% of the funds were returned, the attacker would not be prosecuted. Seeking a response, they later issued a second message on the same day, setting a deadline of “tomorrow by 4 PM UTC” for the return of the funds. The team emphasized that failure to comply would result in their collaboration with law enforcement agencies.

Following the expiration of the deadline, the team announced via Twitter on May 29 that they had made progress in identifying the attacker. They warned the individual that while they did not wish to ruin anyone’s life, they were prepared to take necessary actions to protect the interests of the protocol and its community, including involving the police if required.

Jimbos Protocol, known as a “reactive concentrated liquidity protocol,” aims to maintain the price of its token, JIMBO, above a predetermined floor price. To achieve this, the protocol accumulates Ethereum in its treasury and utilizes the funds to defend the token’s value.

The platform is working with experts to fish out the attacker

The exploit that occurred on May 28 involved a flash loan attack, exploiting a vulnerability in the JimboController contract. The flaw allowed the attacker to manipulate the selling price of the JIMBO token, ultimately draining $7.5 million worth of Ether from the protocol’s liquidity pool.

Unfortunately, DeFi exploits have become a recurring issue within the Web3 ecosystem. However, there have been instances where exploiters have returned a significant portion of the funds after negotiating with development teams. Notably, Euler Finance experienced a hack resulting in over $195 million in losses on March 13, but the attacker later returned most of the funds. A similar incident occurred with the Sentiment liquidity protocol on April 4, where the attacker returned 85% of the exploited funds on April 6.

The Jimbos Protocol team claims to be working closely with security researchers and on-chain analysts who have previously investigated similar incidents. Their collaboration aims to identify the attacker and take appropriate measures to safeguard the protocol and its users.

While DeFi exploits continue to pose challenges, the response from development teams, collaboration with security experts, and negotiation efforts have played a role in recovering funds and mitigating the impact on users within the Web3 ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Jimbos protocol offers deal to attacker following exploit

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月3日 02:44
Next 2023年6月3日 04:07

Related articles

  • U.S. and South Africa are fighting over Russia – Details

    TL;DR Breakdown A diplomatic rift has occurred between the U.S. and South Africa, ignited by allegations made by U.S. Ambassador Reuben Brigety accusing South Africa of facilitating Russian arms dealings via the “Lady R”, a Russian merchant ship. The South African Department of International Relations and Cooperation (DIRCO) countered these claims, emphasizing that no arms sales to Russia were sanctioned during the time in question. South African President Cyril Ramaphosa initiated an independent inquiry to uncover the truth and reaffirmed South Africa’s non-aligned stance, expressing refusal to be drawn into disputes between global superpowers. The geopolitical landscape is heating up as the U.S. and South Africa find themselves in a diplomatic tussle, sparked by startling allegations over possible armament support to Russia. The center of this controversy is the “Lady R”, a mysterious merchant ship that has instigated a whirlwind of debate and diplomatic discord. An accusation ignites diplomatic discord Last week, U.S. Ambassador Reuben Brigety jolted the tranquility of diplomatic relations when he publicly accused Pretoria of facilitating Russian arms dealings via the “Lady R”, a Russian merchant ship…

    Article 2023年5月19日
  • Unstoppable introduces instant messaging for crypto holders

    TL;DR Breakdown Unstoppable Domains introduces encrypted messaging for Web3 usernames. Messaging extends crypto username use beyond just payments. Built on the XMTP protocol, ensuring encrypted, long-lasting messages. Description Gone are the days when crypto was simply about trading, buying, or storing digital coins. The crypto world is evolving, and companies like Unstoppable Domains are leading the way. The latest introduction from the firm? An encrypted messaging system tailored for crypto users with Web3 usernames, bridging a gap that many hadn’t even realized existed. … Read more Gone are the days when crypto was simply about trading, buying, or storing digital coins. The crypto world is evolving, and companies like Unstoppable Domains are leading the way. The latest introduction from the firm? An encrypted messaging system tailored for crypto users with Web3 usernames, bridging a gap that many hadn’t even realized existed. Broadening the Crypto Horizon: Beyond Just Payments Web3 usernames are no newbies in the digital space. Since 2017, crypto enthusiasts have benefited from these usernames, making the arduous task of remembering long alphanumeric crypto addresses a thing of the…

    Article 2023年8月24日
  • Federal Court Decision on XRP Sets a New Course for Ripple

    TL;DR Breakdown Ripple’s XRP ruled not a security: A federal court has determined that XRP, the cryptocurrency issued by Ripple Labs, is not a security when sold to the general public. Victory over the SEC: The court decision marks the first time the SEC has lost a crypto-related case, igniting enthusiasm and excitement within the industry. Description In a groundbreaking federal court ruling, Ripple Labs, the digital payments company, received a significant victory as a judge declared that its cryptocurrency token, XRP, is not a security. This decision brings newfound freedom for Ripple to explore various business opportunities without the constraints imposed by securities regulations. Ripple CEO Brad Garlinghouse expressed his relief, … Read more In a groundbreaking federal court ruling, Ripple Labs, the digital payments company, received a significant victory as a judge declared that its cryptocurrency token, XRP, is not a security. This decision brings newfound freedom for Ripple to explore various business opportunities without the constraints imposed by securities regulations. Ripple CEO Brad Garlinghouse expressed his relief, stating that he can now confidently promote the diverse use…

    Article 2023年7月15日
  • Tether’s sinister dance with China shows ties beyond its commercial paper

    TL;DR Breakdown Evidence points to multiple links between Tether Holdings Ltd. and China that go beyond commercial paper dealings. Reports have it that USDT has been linked to criminal activities in China for a long time. Tether held securities issued by significant Chinese state-owned companies, including Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., and Agricultural Bank of China Ltd. Description Tether Holdings Ltd. has had a long-standing dance with China for years. Documents released by New York’s attorney general revealed that Tether Holdings Ltd., the issuer of the world’s largest stablecoin, USDT, used to include securities issued by Chinese companies in its reserve portfolio. But Tether’s connections to China run far deeper than its commercial … Read more Tether Holdings Ltd. has had a long-standing dance with China for years. Documents released by New York’s attorney general revealed that Tether Holdings Ltd., the issuer of the world’s largest stablecoin, USDT, used to include securities issued by Chinese companies in its reserve portfolio. But Tether’s connections to China run far deeper than its commercial paper. Contents hide…

    Article 2023年7月8日
  • Sony and Startale Labs join forces for blockchain innovation

    TL;DR Breakdown Sony Network Communications and Startale Labs announce a strategic alliance. The collaboration will operate as Sony Network Communications Labs Pte. Ltd. Sony has previous engagements in Web3, including a 2018 patent for a distributed ledger and a 2022 trademark for musical NFTs. Description Sony Network Communications and Startale Labs have forged a strategic alliance. This collaboration aims to develop a blockchain for the global Web3 ecosystem. Both entities bring a wealth of knowledge, skills, and a vast network of partners. This partnership promises to accelerate the adoption of blockchain technology and Web3. Sony Corporation, a global giant based … Read more Sony Network Communications and Startale Labs have forged a strategic alliance. This collaboration aims to develop a blockchain for the global Web3 ecosystem. Both entities bring a wealth of knowledge, skills, and a vast network of partners. This partnership promises to accelerate the adoption of blockchain technology and Web3. Sony Corporation, a global giant based in Japan, has been a household name since 1946. The company’s vast portfolio includes electronics, movies, music, and financial services. Its renowned…

    Article 2023年9月13日
TOP