- Jul 27, 2015
Just days after releasing the second – and supposedly more stable and secure – version of its decentralized finance (DeFi) app, Jimbos Protocol over the weekend was hit by attackers who stole stole 4,090 ETH tokens from the project worth about $7.5 million.
The developers behind the Arbitrum-based app were the apparent victims of a flash loan attack and now are scrambling to track down the light-fingered coders and retrieve the lost funds. The biz acknowledged the May 28 attack and initially offered to let the attackers keep 10 percent of the loot if they returned the other 90 percent. However, after receiving no response, they are now turning to law enforcement to find the culprits and claw back the money. "Over the past 24 hours, we've been working with security experts, bridges and exchanges," the Jimbos Protocol developers wrote on Twitter. "Thanks to their help, we've identified promising leads, and one in particular. We hope the attacker will *voluntarily* cooperate – before they have no choice but to once we pass their info."
The attack occurred three days after Jimbos Protocol launched the second version (V2) of its software. According to the developers behind it, the protocol – which launched about a month ago – is designed to address issues around volatility and liquidity, with a semi-stable floor price.