Arbitrum Based Jimbos Protocol Scurries for Revival After $7M Exploit

Developers behind Arbitrum-based JimbosProtocol are looking at the best way to move forward after its version 2 (V2) faced a $7.5 million exploit over the weekend. By shauryamalwa.

Developers behind the Arbitrum-based Jimbos Protocol are gauging the best way for the project to move forward after its version 2 faced a $7.5 million exploit over the weekend.

– and added that they would contact law enforcement by 4 P.M. UTC on Monday if the attacker failed to return the money.of slippage control in the main contract. This allowed the yet-unidentified attackers to take out a $5.9 million flash loan, manipulate the prices of jimbo , and walk out with treasury funds.

Flash loans are a popular way for attackers to gain funds to conduct exploits on decentralized finance systems. The loans allow traders to borrow unsecured funds from lenders using smart contracts instead of third parties.

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