the platform of decentralized finance (DeFi) Jimbos Protocol has offered 10% of the mined funds to the general public after giving the hacker several days to respond to the deal.
On May 28, the Arbitrum-based DeFi application was exploited, resulting in a loss of 4,000 Ether (ETH). After taking advantage of the lack of slippage control on liquidity conversions, the trader was able to grab assets worth around $7.5 million at the time.
After the hack, the team behind the exploited protocol tried to negotiate with the hacker. The DeFi protocol offered 10% of the exploited funds as a reward and threatened the hacker with taking him to justice. The team offered what it described as a “quick payment of $800,000” but claimed that if 90% of the funds were not returned, they would not stop until the hacker was behind bars.
After giving the hacker time to respond, the protocol recently announced that it would expand the reward offer to the general public. In a Twitter thread, the DeFi protocol advertisement that anyone who provided information that would allow the hacker to be caught or the funds to be recovered would be eligible for the reward.
It’s been a quiet couple of days. Let’s catch up.
We’ve spoken about our bounty before, 10% of stolen funds (~$800k USD). We’ve given the hacker time to comply for the bounty but obviously, they’re not interested, so we’re committed to doing what we said we were going to do.
— Jimbos Protocol (v2, soon) (@jimbosprotocol) May 31, 2023
It’s been a quiet couple of days. Let’s catch up.
We’ve talked about our reward before, 10% of the stolen funds (~$800,000 USD). We’ve given the hacker time to comply for the bounty, but obviously he’s not interested, so we commit to doing what we said we were going to do.
In addition, the team also mentioned that they are already working with a law enforcement agency that focuses on blockchain cybercrime investigations. Besides, the team said they would share future plans for the protocol and a recovery plan for victims of the exploit.
Although the recent hack demonstrates that some hackers may not be willing to trade, other reward trades have been successful.. On April 4, the Euler Finance team recovered 90% of the hacked funds after offering the exploiter a $19.6 million reward. Similarly, the Sentiment lending protocol was also able to recover 90% of its funds from a hacker after offering a 10% reward to the exploiter.
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