It appears that the DeFi industry continues to be a prime target for hackers.
On the morning of May 28th, another exploit took place, this time taking aim at liquidity platform Jimbos Protocol.
- Jimbos Protocol got exploited today – May 28th.
- According to an update by PeckShield, the hack resulted in a loss of around 4,000 ETH, worth some $7.5 million at the time of the incident.
- Per PeckShield:
This hack is due to the lack of slippage control of liquidity-shifting operation – such that the protocol-owned liquidity is invested into a skewed/imbalanced price range, which is exploited in reverse swap for profit.
It appears today’s @jimbosprotocol hack leads to the 4090 ETH loss (w/ ~$7.5M).
This hack is due to the lack of slippage control of liquidity-shifting operation — such that the protocol-owned liquidity is invested into a skewed/imbalanced price range, which is exploited in… https://t.co/wnQAeksojz pic.twitter.com/TPlqNlvnZD
— PeckShield Inc. (@peckshield) May 28, 2023
- The team has already addressed the issue and is supposedly working to investigate and get in touch with the exploiter.
Read the full article here