• An exploit took place on May 28th, resulting in the potential loss of around 4,000 ETH (7.5 million dollars).
• The hack targeted liquidity platform Jimbos Protocol and was due to a lack of slippage control of liquidity-shifting operations.
• The team has already addressed the issue and is working to investigate and get in touch with the exploiter.
4,000 ETH ($7.5M) Compromised Following Latest DeFi Exploit
Another DeFi exploit took place on May 28th targeting Jimbos Protocol, resulting in a potential loss of around 4K ETH worth some $7.5 million at the time of the incident.
Cause Of The Exploit
The hack was due to lack of slippage control when it came to liquidity-shifting operations; allowing protocol-owned liquidity to be invested into an imbalanced price range which was then exploited for profit.
Team’s Response To The Incident
The team has already addressed the issue and is supposedly working to investigate and get in touch with the exploiter.
DeFi Industry A Prime Target For Hackers
This latest incident proves once again that the DeFi industry continues to be a prime target for hackers who take advantage of any vulnerabilities or flaws within protocols.
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