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Jimbos Protocol to Work With U.S. Homeland Security to Help Recover $7.5M From Flash Loan Exploit

source-logo  coindesk.com  + 1 more 31 May 2023 23:09, UTC

Developers of Jimbos Protocol, an Arbitrum-based application, said Wednesday they opened up a case with the New York branch of the Department of Homeland Security to arrest the attacker who exploited the protocol for millions of dollars this past weekend.

“We warned you. We’d prefer giving you the bounty so we can focus on our protocol. Instead, we will deal with law enforcement to find you,” the Jimbos team wrote to the attacker on Twitter, after giving them several days to return 90% of the stolen funds. “The door remains open for the hacker to return the funds until they are arrested, at which point the offer will be rescinded.”

The recent move to work with the Department of Homeland Security comes three days after Jimbos faced a $7.5 million flash loan exploit and about two weeks after the protocol’s official launch date.

In addition to collaborating with law enforcement in the United States, the team is currently opening more cases in other jurisdictions and is offering a 10% bounty worth about $800,000 to the general public for anyone who provides information that leads to catching the exploiter and funds being returned.

“We have a good idea who it is,” said blockchain sleuth Ogle, who is part of the recovery process and has helped with the Euler Finance exploit. “I think they end up speaking, keeping their 10%, and returning the rest — it’s a win for everybody and makes the most sense. Only an idiot would try to keep the rest, but risk prison for years and losing all of the money.”


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