In the latest decentralized finance protocol hack, Jimbos Protocol, which is found on Arbitrum, has fallen victim to an attack resulting in a loss of $7.5 million worth of. The attack exploited the absence of slippage control on liquidity conversions, allowing the attacker to manipulate swap orders in their favor.
The incident at Jimbos Protocol adds to the series of hacking incidents witnessed in the DeFi space. While the number of attacks hascompared to previous years, the community remains exposed to ongoing exploits. Despite efforts to enhance security measures, the DeFi ecosystem continues to grapple with the challenge of safeguarding against vulnerabilities and unauthorized access.
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