News Explorer — Arbitrum-Based Jimbos Protocol Hacked for Over $7 Million

Cointelegraph

Arbitrum-Based Jimbos Protocol Hacked for Over $7 Million

Jimbos Protocol, a liquidity protocol of the Arbitrum system, was recently hacked resulting in the loss of 4,000 Ether. The attack took advantage of the lack of slippage control on liquidity conversions, leading to a 40% drop in the underlying token's price. Subsequently, the attackers utilized the Stargate bridge and the Celer Network to transfer the funds. DeFi protocols continue to be exposed to numerous exploits, despite efforts to enhance security measures.