Yesterday, a protocol on the Arbitrum blockchain fell victim to a hack that resulted in the loss of $7.7 million in crypto.
The attacker was able to exploit a problem involving the protocol’s internal slippage management, making a fortune in a matter of minutes.
Let’s try to delve deeper into the matter.
Jimbos, Arbitrum’s crypto protocol, hacked for 7.7 million
On Sunday, 28 May at 2:30 AM, Jimbos, a decentralized crypto protocol based on Arbitrum, was hacked for 4,090 Ether, corresponding to over $7.7 million.
The hacker was able to exploit a slippage problem in the platform to carry out a series of transactions by taking home the loot and emptying the protocol’s pools.
Slippage, for those who do not know, refers to the difference between the expected price of a transaction and the price at which it is actually executed.
This spread usually occurs when large orders are placed by whales that unbalance the relationship between two tokens in a pool, or when there is little liqu
We współpracy z: https://en.cryptonomist.ch/2023/05/29/7-7-million-crypto-hack-arbitrum/
