Jimbos Protocol Offers 10% Stolen Funds as Bounty

Jimbos Protocol, a decentralized finance (DeFi) platform, has offered 10% of the stolen funds to the general public after giving the intruder several days to accept the offer.

The Arbitrum-based DeFi application was exploited on May 28, resulting in the loss of 4,000 ethereum.

Using the absence of slippage control on liquidity conversions, the exploiter could steal approximately $7.5 million in assets at the time.

After the breach, the exploited protocol’s team attempted to negotiate with the hacker.

The DeFi protocol offered the intruder 10% of the stolen funds as a bounty and threatened legal action.

The group provided a “quick $800k payday” but stated that if 90% of the funds are not returned, they will not stop until the perpetrator is in jail.

After giving the hacker time to respond, the protocol recently disclosed that the bounty offer would be available to the general public.

In a Twitter thread, the DeFi protocol announced that anyone with information leading to the exploiter’s capture or the recovery of the stolen funds would be eligible for a reward.

In addition, the team revealed that they are already collaborating with a law enforcement agency specializing in blockchain cybercrime investigations.

In addition, the group stated that they would divulge plans for the protocol and a recovery strategy for the exploited victims.

The recent hack demonstrates that some hackers may be unwilling to negotiate, but other bounty negotiations have been fruitful.

On April 4, the Euler Finance team recovered 90 percent of the stolen funds after offering the hacker a $19.6 million reward.

Similarly, Sentiment’s lending protocol recovered 90% of its funds from an exploiter after providing a 10% bounty.