Hacked DeFi Protocol Jimbos Offering Deadline to The Attackers To Return Funds
The attackers exploited the Arbitrum-based DeFi Protocol Jimbos that cause to loss of $7.5 million in ETH. The Jimbos team offered the attackers to return 90% of the funds and keep the rest of 10%. If the team gets the funds, no legal action will be taken against the attackers.
But if the attackers would not return the funds obtained by exploiting the Jimbos protocol, they would take legal action. They also threatened the attackers saying they would not stop until the end. The message is clear.
The team behind the Jimbos protocol tweeted about it mentioning an email address to communicate with the attackers. They also sent a message on the Ethereum network mentioning the address where the attackers would return 90% of the funds. They would stop all investigations as soon as they get the funds.
The team did not get any response from the attackers. Seeing that, they sent another message to the attacker and set a deadline to return the funds. They are working with on-chain analysts and security researchers to get more information. Again they mentioned that they would start working with law enforcement agencies unless they get 90% of the stolen funds.
Blockchain security firm PeckShield pointed out the lack of slippage control measures of the protocol that the attackers took advantage of exploiting Jimbos. Manipulating the price of the protocol’s native token JIMBO, the attackers successfully cashed out $7.5 million worth of Ethereum.
Will the Jimbos team be able to convince the attackers to get the funds back? Once the exploiters exploited and stole the funds, it is difficult to get them back. If the attackers return the funds, that's great. The exploiters of Euler Finance and Sentiment returned the funds. We have examples like this.
Hope the team behind the protocol fixes its vulnerability. Otherwise, attackers would attack the same DeFi protocol again exploiting the vulnerability. It is also difficult to regain investors' trust once the protocol exploits and hacks. Investors will be more careful before investing in any DeFi protocol.
Image Sources: 1, and 2.
Reference: 1.
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As you said, the project will undergo a lot of hardships even if the attackers return the funds, investors will think twice to keep their trust. Let's see what happens...
The team tries to get the funds back. They still work with security experts, bridges, and exchanges. This is indeed a difficult situation.
The problem I see is that they probably don't even know who the real hacker is. What would happen if that person was in a country that wouldn't extradite? I see this as something that might not work at all.
If somehow they identify the attacker, they have more chance. Still, it's complicated.