Arbitrum with a liquidity protocol on Jimbos Protocol (JIMBO) It is suspected to have been hacked and over 4,000 ETH (approximately $7.5 million) stolen.
Cryptocurrency According to the statement made by security company PeckShield, the hack event in question is due to the lack of slippage control of the liquidity shift, such that the liquidity of the protocol is invested in a skewed/unbalanced price range and used in reverse swap for profit.
According to DEX data after the attack, JIMBO altcoin The price has depreciated significantly.
The altcoin developer team reported that they were aware of the attack in the message they shared after the event:
“We are aware of attacks on our protocol and are in active contact with law enforcement and security experts.
We will post more information as soon as possible.”
We are aware of the exploit regarding our protocol and are actively in contact with law enforcement and security professionals.
We will release further information when possible.
— Jimbos Protocol (v2, soon) (@jimbosprotocol) May 28, 2023
Arbitrum-based Jimbos Protocol is an attempt to create a token with a semi-stable floor price backed by a certain amount of assets. Olympus is trying to imitate some aspects of the DAO project, whose price skyrocketed before it finally collapsed, but hopes to make it more sustainable with a few changes.
The funds seized by the hacker in the attack were bridged to the Ethereum network.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!