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

Another DeFi exploit took place today, resulting in a potential loss of around 4K ETH.
George Georgiev
By George Georgiev

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.

  • The team has already addressed the issue and is supposedly working to investigate and get in touch with the exploiter.
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About the author

George Georgiev
George Georgiev
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Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over 8 years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.