Coinspeaker
Jimbos Protocol Suffers $7.5M Loss in New Hack as Token Plummets 26%
Arbitrum-based Jimbos Protocol may be the latest in a long line of victims of decentralized finance (DeFi) protocol hacks. This follows after hackers hit the crypto project on the morning of May 28, making away with 4,090 ETH ($7.5 million).
The incident comes barely three days after Jimbos Protocol launched its version 2 as the attacker moved swiftly to exploit a vulnerability in the protocol. According to crypto analyst PeckShield, the protocol lacked slippage control for the tokens under it, thus creating an opportunity for an attacker to reverse swap orders for their gain. And as records show, the exploiter used a $5.9 million flash loan to carry out the attack.
Meanwhile, the protocol has also confirmed the incident on its Twitter page. It claims to have begun investigating the issue, and would only divulge more information when possible. The statement read in part:
“We are aware of the exploit rega
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