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Jimbos Protocol turns to law enforcement after hacker ignores $800K bounty

source-logo  cryptoslate.com 31 May 2023 19:57, UTC

Jimbos Protocol said May 31 that the hacker responsible for a recent attack has not responded to its bounty offer and it will now turn to law enforcement.

The protocol was hacked for 4000 Ethereum (ETH), or roughly $7.5 million, via a flash loan exploit on May 28.

Jimbos Protocol tweeted:

” We’ve spoken about our bounty before, 10% of stolen funds (~$800k USD). We’ve given the hacker time to comply for the bounty but evidently, they’re not interested.”

Bounty offer for public

Jimbos Protocol is now offering the bounty to the general public, meaning that anyone who provides information leading to an arrest or the recovery of funds can receive the reward.

The team previously announced that it had found “promising leads” on May 29 but said that it did not want to harm anyone’s reputation by making assertions.

DHS contacted

Jimbos Protocol said that it is working with law enforcement agencies, including the New York branch of the Department of Homeland Security (DHS).

It noted that the DHS had arrested other exploiters and said that it believes its own case will be no exception. Past reports indicate that the DHS has been involved in numerous crypto cases, including 2021’s Colonial Pipeline ransomware attacks and 2013’s Mt. Gox seizures.

Outside of working with law enforcement, Jimbos Protocol said it would soon publish an analysis of the attack. Furthermore, it will publish a plan for a future version of its protocol that includes a recovery plan for users who were affected by the attack.