Jimbos Protocol Losses $7.5 Million In An Exploit Three Days After V2 Launch

Twitter icon  •  Published 4 months ago  •  Hassan Maishera

Arbitrum-based Jimbos Protocol has lost $7.5 million in an exploit over the weekend, three days after the launch of its version 2.


  • Jimbos Protocol lost 4,090 ETH ($7.5 million) in an exploit over the weekend.

  • The hack came roughly three days after the protocol launched its second version.

Jimbos Protocol Experiences A $7.5 Million Hack

Crypto project Jimbos Protocol lost 4,090 ETH ($7.5 million) in a hack over the weekend.  According to crypto analysts PeckShield, the hack took place three days after the protocol launched its version 2. 

The hacker(s) took advantage of the protocol's lack of control over slippage for the tokens under its control. PeckShield also added that the hacker leveraged a $5.9 million flash loan — where tokens are borrowed and instantly repaid — to execute the attack. 

Jimbos Protocol wrote on Twitter that;

"We are aware of the exploit regarding our protocol and are actively in contact with law enforcement and security professionals. We will release further information when possible."

Jimbos Protocol is an Arbitrum-based project that seeks to develop a token with a semi-stable floor price, that's backed by an amount of assets. The development team wanted to take advantage of some elements of the Olympus DAO project but, with a few changes, hoped to make it more sustainable

Jimbos Protocol was initially launched on May 16th. However, a smart contract bug affected the protocol and stopped it from working as expected. The team went on to launch version 2 three days ago. The exploit saw the token’s price plunge from $0.24 to $0.



Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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