After radio silence from the protocol's exploiter, the firm is looking for a different way to catch the malicious actor.
Jimbos Protocol, a decentralized finance (DeFi) application, is extending its $800,000 bounty to the public.
On May 31st, during an extensive Twitter threat, the DeFi protocol revealed that it would issue a hefty bounty to community members who will provide information about the Jimbos Protocol exploiter.
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In particular, the information must help catch the malicious actor and return all funds back to the protocol.
Additionally, the team has reportedly enlisted the aid of a law enforcement agency specializing in blockchain-related cybercrimes. The company also promised to provide its user base with a detailed plan outlining the protocol's future.
It is worth remembering that on May 28th, the Jimbos Protocol security breach resulted in a hefty loss of approximately 4,000 Ether (ETH). Exploiting the platform's lack of slippage control on liquidity conversions, the unknown perpetrator absconded with assets valued at roughly $7.5 million.
To encourage the perpetrator's cooperation, the team behind Jimbos Protocol proposed a deal - return 90% of the stolen funds and keep a "fast $800k payday." The Jimbos Protocol team further warned that failure to comply would result in relentless pursuit until justice is served.
As the malicious actor behind the exploit is not willing to cooperate with Jimbos Protocol, the company is looking for other measures to catch the hacker.
In the wake of this unfortunate incident, it's crucial to remember that not all hackers have ignored bounty negotiations in the past. For instance, on April 4th, Euler Finance managed to recover a staggering 90% of its hacked funds by offering the infiltrator a bounty worth $19.6 million.
The latest incident in the DeFi landscape reinforces the importance of robust security measures and timely negotiations. As Jimbos Protocol awaits responses to its extended bounty offer, the crypto community is reminded once again of the potential risks and rewards inherent in the realm of decentralized finance.
