Return 90% of stolen funds or face consequences, according to Jimbos Protocol
The DeFi protocol Jimbos has fallen victim to hacks that have been taking place in the DeFi market. The hackers have drained a total of $7.5 million from Jimbos Defi protocol. As a result, the Jimbo’s team has offered a proposal to the hackers. They have asked the app’s exploiter to keep 10% of the funds and return the remaining 90%, or face prosecution. Jimbos has also warned the hackers of actions from law enforcement agencies in case they didn’t return the funds on time. Jimbos is working with multiple security researchers and on-chain analysts to recover the funds. If the issue isn’t resolved by 4 PM UTC the next day, they will start working with law enforcement agencies.
In a DeFi hack earlier on Sunday, May 28, Jimbos Protocol lost a total of 4,090 Ethereum (ETH) worth around $7.5 million. However, the hack happened just within 20 days of the launch of Jimbos Protocol. As per the blockchain security firm PeckShield, the hack happened due to the lack of slippage control of the liquidity shifting operations.
Jimbos Protocol Hires an On-Chain Analyst
After the hack, DeFi protocol Jimbos hired on-chain analyst @cryptogle for the recovery of the funds. The same analyst played a crucial role in aiding Euler Finance’s recovery by getting back the entire $200 million in funds stolen during the hack. In his latest tweet, @cryptogle wrote, “Kitchen is about to get hot for the hacker if they don’t send most of the funds back ASAP.”
The team behind Jimbos is going hard to get hold of the attacker. At 7:25 am UTC on May 28, the team sent a message to the Ethereum network offering non-prosecution if 90% of the funds were returned. Another message was posted at 7:07 pm, setting a deadline of “tomorrow by 4 PM UTC” for the return of 90% of the funds. The team warned that they would involve law enforcement if the funds were not returned.
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After the deadline on May 29, the team took to Twitter and revealed that they had found promising leads, including one that could help identify the attacker. They cautioned the attacker that they did not wish to ruin anyone’s life but would follow through with their actions if necessary, suggesting that involving the police was still an option.
As the Web3 ecosystem evolves, DeFi hacks have become quite common. In several cases, the DeFi projects try to find a common ground with the hacker in order to recover most of the stolen funds.
