Jimbos Protocol, the victim of a $7.5 million hack, has announced an $800,000 bounty program to catch the hackers.
In some decentralized finance (DeFi) hack cases, there is a settlement between the hackers and the project. In such settlements, the hackers return a major portion of the cash while keeping the remaining as a bug bounty.
Jimbos Protocol Seeks Help of Law Enforcement
After the hack on Sunday, Jimbos Protocol gave an ultimatum to the hacker to return funds by 16:00 UTC Monday. But there has been no response from the hackers as yet.
Then, on Wednesday, the DeFi project announced the involvement of law enforcement agencies like the Department of Homeland Security to track the hacker. It wrote a message for the hacker on Twitter:
“To the attacker: 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.”
Even on Monday, Jimbos Protocol has urged the hacker to “keep a fast $800k payday and live to tell the tale.”
To escalate the investigation, the project also extended the $800,000 bounty to community members who can track the exploiters and bring back the funds.
Jimbos, a liquidity protocol based on the Arbitrum chain, lost 4,090 Ethereum (ETH) due to a lack of slippage control of liquidity-shifting operations.
Due to the hack, the community criticized the idea of an Oracle-less project. Some even reacted with memes to Jimbos Protocol’s Twitter threads.