Jimbos Protocol hacked, losing $75M in Ether on Arbitrum

Another decentralized finance (DeFi) protocol in the crypto industry has fallen victim to a hack resulting in a significant loss of funds. The latest victim is Jimbos Protocol, which was hacked on May 28, resulting in the loss of 4,000 Ether ( ETH ), worth approximately $7.5 million at the time. According to blockchain security firm PeckShield, the attacker was able to take advantage of the lack of slippage control on liquidity conversions. This protocol aimed to address liquidity and volatile token prices through a new testing approach but was not adequately developed, leading to a logical vulnerability creating favorable conditions for attackers. The price of the underlying token, Jimbo (JIMBO), has plummeted by 40% as a consequence of the hack. The DeFi ecosystem continues to be exposed to numerous exploits despite efforts to enhance security measures. Recent attacks include the flash loan attack on the 0VIX protocol and the hijacking of Tornado Cash.

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