Defi platform Jimbos offered a deal for the hacker & tried to convince him to return 90% of the stolen funds.
Jimbos is a decentralised Arbitrum blockchain liquidity protocol. On 28 May 2023, Jimbo’s protocol suffered a $7.5 million ETH hack attack. With the help of a flash loan attack, the hacker was able to manipulate the selling price of the JIMBO token when cashing out, draining $7.5 million worth of Ether from the pool in the process.
On the same day, Jimbos protocol team confirmed that they are aware of the exploit & also confirmed that they are in talks with enforcement agencies to take action against the hacker.
On 29 May, The victim platform stated that they expect that hacker(s) will cooperate with their reward offer & will return 90% of the stolen funds, otherwise, its legal team will initiate legal action.
Recently a report by TRMLabs, a Cybersecurity research team, confirmed that the majority of the crypto hack victims succeeded in getting their stolen funds back by nearly 70%. It is because of the increasing involvement of the enforcement & law agencies in this sector.
Korean hackers vs Defi sector
Just a couple of months ago, the popular crypto analytic platform Chainalysis reported that the majority of South Korean hackers targeted Defi crypto platforms to steal crypto money.
Nearly 50% of the hacking attacks in the crypto sector were on the Defi platforms. And nearly 50% of North Korea’s missile programs were funded in cryptocurrencies, which were stolen by hackers.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.