$800K bounty offered by Jimbos Protocol after hacker ignores deal.

The decentralized finance (DeFi) platform Jimbos Protocol has offered a 10% reward to the general public for any information that leads to the recovery of funds that were stolen in a hack. The hack occurred on May 28, resulting in a loss of 4,000 Ether (ETH), worth around $7.5 million at the time. The hacker took advantage of the lack of slippage control on liquidity conversions to swipe assets. The team behind the exploited protocol tried to negotiate with the hacker, offering 10% of the stolen funds as a bounty and threatening prosecution if 90% of the funds were not returned. After giving the hacker some time to respond, the protocol recently announced that it would extend the bounty offer to the general public. The team is also working with a law enforcement agency that focuses on blockchain cybercrime investigations. They plan to share future plans for the protocol and a recovery plan for the exploit victims. Other DeFi platforms have successfully negotiated with hackers in the past to recover stolen funds.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

DeFi

🚀 EigenLayer Protocol’s TVL Surges by $1 Billion in 8 Hours 🚀

The TVL of EigenLayer surged by $1 billion in just eight hours following the announcement of the restaking protocol's...

DeFi

Upbit stops fake APT token flood, resumes services.

Upbit, the leading crypto exchange, announces the successful resolution of the issue related to a counterfeit APT tok...

DeFi

Brighty Business Neobank Unveils European B2B Platform, While Toniq Introduces First Ordinals-Specific NFT Marketplace on Bitcoin L2

Stay up-to-date on all the latest crypto and blockchain news with our quick and concise daily digest. We dive into th...

DeFi

Connext and Alchemix join forces to launch a cross-chain token standard aiming to minimize losses from bridge exploits.

Bridged tokens have gained significant attention in recent times, following the unfortunate incident of over $100 mil...

DeFi

zkSync introduces Boojum upgrade: the ultimate solution for scalability and security.

'zkSync, a revolutionary blockchain network striving to democratize self-ownership, has revealed an exciting cryptogr...

DeFi

DeFi Protocols Strengthen Defenses to Counter Curve Liquidation Threat

They are proactively addressing the potential systemic risk that may arise from Michael Egorov's unstable financial s...