Jimbos Protocol, the victim of a $7.5 million hack, has announced an $800,000 bounty program to catch the hackers.
In some decentralized finance (DeFi) hack cases, there is a settlement between the hackers and the project. In such settlements, the hackers return a major portion of the cash while keeping the remaining as a bug bounty.
Jimbos Protocol Seeks Help of Law Enforcement
After the hack on Sunday, Jimbos Protocol gave an ultimatum to the hacker to return funds by 16:00 UTC Monday. But there has been no response from the hackers as yet.
“To the attacker: We warned you. We’d prefer giving you the bounty, so we can focus on our protocol. Instead, we will deal with law enforcement to find you.”
Even on Monday, Jimbos Protocol has urged the hacker to “keep a fast $800k payday and live to tell the tale.”
To escalate the investigation, the project also extended the $800,000 bounty to community members who can track the exploiters and bring back the funds.
Due to the hack, the community criticized the idea of an Oracle-less project. Some even reacted with memes to Jimbos Protocol’s Twitter threads.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.