Jimbos Protocol, an Arbitrum-based DeFi project, has suffered a flash loan attack that resulted in the loss of more than of 4000 ETH tokens, currently valued at over $7,500,000. The company disclosed the attack on Twitter yesterday, saying that law enforcement have been notified and it is working with security professionals to remediate the situation. The attack occurred only three days after the platform launched its V2 protocol, at a moment when many people had just invested in its ‘jimbo’ token, and the perpetrator managed to steal 4,090 in ETH tokens. The jimbo token has a semi-stable floor price backed by assets, while the platform has implemented mechanisms like taxes and incentives to help maintain a stable value. Following the hack, though, jimbo’s price collapsed quickly, going from $0.238 to just $0.0001 at the time of writing. According to blockchain security experts at PeckShield, Jimbos Protocol was the victim of a flash loan attack that leveraged the lack of slippage control on the platform.
Full story : Flash loan attack on Jimbos Protocol steals over $7.5 million.
