BSC News

Jimbos Protocol Suffers Security Breach, Records $7.5 Million in Losses

The protocol confirms it is working with law enforcement and security experts who helped with the recent Euler Finance and Sentiment exploits to resolve the situation.

In a recent security breach, decentralized finance (DeFi) protocol Jimbos Protocol fell victim to a hacking incident resulting in the loss of 4090 ETH, equivalent to approximately $7.5 million at the time of the attack. 

According to Peckshield, a blockchain security and data analytics company, the breach was attributed to the absence of slippage control during a liquidity-shifting operation, which allowed malicious actors to exploit the imbalanced price range, executing a reverse swap for their gain.

Jimbos Protocol promptly acknowledged the incident and assured its users that it is actively working with law enforcement agencies and security professionals to address the situation.

Furthermore, Jimbos Protocol confirmed it is already working with multiple security researchers and on-chain analysts who previously helped with the Euler Finance and Sentiment exploits and will commence collaboration with law enforcement agencies on Monday by 4 PM UTC, should the situation remain unresolved. 

The protocol has expressed its commitment to providing regular updates and additional information regarding the incident as it becomes available.

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