• Mon. Jun 17th, 2024

Hacker’s Bargain Exposed: Cracked Jimbo’s Protocol Opens Door to Lucrative Offer

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ByMarcel Bich

Aug 15, 2023
Hacker Exposes Lucrative Protocol
Marcel Bich
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It offers to keep 10% of the money and return the remaining 90%, or it will prosecute him. If not, the group “won’t stop” until the perpetrator is “behind bars.”

To the abuser: accept the $800,000 pay and make it through the ordeal alive. If you give us 90% back, we won’t pursue you. But if you don’t, we won’t stop until you’re in jail.”

Hacker’s Ultimatum: Return the Funds or Face the Consequences

The abuser would not be penalized if he repaid 90% of the cash, according to a statement the team posted on May 28. A second statement was then published by the team, giving the abuser until that point to refund 90% of the money and admonishing them that if they did not, they would start working with legal authorities.

On May 29, after the deadline had passed, the team disclosed that it had found “promising evidence,” in particular, that may assist Jimbos in identifying the assailant. The team forewarned that while it did not want to ruin anyone’s life, it would if necessary.

The protocol was the target of a flash-credit assault on May 28, when a perpetrator stole $7.5 million from the protocol owner’s liquidity reserves. The attacker used a JimboController contract weakness, which let anybody inject liquidity to the pool, according to analysis by Numen Cyber Labs. By manipulating the sale price of the JIMBO token when making a withdrawal, the attacker was able to steal $7.5 million in ether from the pool.

Exploiting DeFi is a widespread issue in the Web3 environment. Fortunately for users, attackers occasionally get back the majority of the money after haggling with development teams.

The biggest assault of 2023 cost about $195 million and occurred on March 13 on Euler Finance. But almost all of the money was later recovered by the assailant. On April 4, Sentiment’s liquidity mechanism was similarly abused, however on April 6, the attacker got back 85% of the money they had taken.

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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.