Jimbos Protocol offers ultimatum to hacker for return of 90% funds

Jimbos Protocol’s, a decentralised finance (DeFi) application, team has offered to make a deal with the application’s hacker. Context of the deal suggests that the team has asked for reimbursement of 90% worth funds, which will result in prosecution if not complied with, as stated by Cointelegraph.

According to Cointelegraph, the proposed agreement was disclosed in a May 28, 2023, tweet  through the Ethereum network. Upon not receiving a reply, Jimbos team gave a time limit of “tomorrow by 4PM UTC” for giving back 90% of the funds. The team also informed their intentions to “start working with law enforcement agencies” if the funds weren’t returned.

Based on Cointelegraph’s information, on May 29, 2023, post completion of the time frame, Jimbos used Twitter to state that it “identified promising leads, and one in particular” to catch the attacker. Reportedly, the team informed the attacker that “we don’t want anyone’s lives ruined, but given no choice, we will do what we say.”

Moreover, Cointelegraph noted that Jimbos considers itself as a “reactive concentrated liquidity protocol.” From what it’s understood, Jimbos tries to maintain the price of its JIMBO token above a certain floor price through Ether accumulation in the protocol’s treasury, and its utilisation to defend the token’s price.

(With insights from Cointelegraph)

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