4,000 ETH ($7.5M) Compromised Following Latest DeFi Exploit

CryptoPotato

2023-05-28 13:31:02

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… 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.

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