DeFi Protocol Jimbos Lost $7.5 Million In ETH
Exploiting and hacking the Decentralized Finance (DeFi) protocol has become a common target. Hackers usually figure out the vulnerability and take advantage of it to exploit and hack the protocol. Arbitrum-based DeFi Protocol Jimbos has been exploited and lost $7.5 million in ETH.
The attacker took advantage of the lack of slippage control measures to exploit and get away with $7.5 million worth of Ethereum. According to blockchain security firm PeckShield's analysis, this attack launched on May 28, and failure of having proper slippage control of liquidy is the reason for this exploitation.
Even though the Decentralized Finance (DeFi) protocol increases its security, if the attacker finds any vulnerability, that can be enough to hack and steal cryptocurrency. In this attack, hackers did the same thing and reserve swap to turn into a profit.
People reduce their exposure to the centralized crypto exchange after witnessing the dramatic collapse of FTX. In case of hacks in the centralized crypto exchange, not only your crypto assets but also your personal sensitive data may fall into the wrong hands. Hackers may use your personal data against you and that can cause more losses in the future.
You do not need to do KYC in DeFi, and that's great. But you can lose your crypto in hacks and exploits. You cannot close your eyes and be certain that nothing will happen whether you use the DeFi protocol or the most popular centralized crypto exchange.
Recently Decentralized Finance (DeFi) protocol Fintoch ended up an exit scam that used to provide P2P lending and investment services. You will be shocked to know that investors lost $31.6 million in Fintoch. The way we see hacks and exploits in the crypto industry, that's frustrating.
It would be great if people do not go through negative experiences in crypto. Sometimes I feel surviving in the crypto is a big thing. If you survive and stick to it, you may see a bright future. Dust needs to be settled, and more innovation and development in crypto show a new way to move forward.
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