Jimbos Protocol Hack

TOTAL LOST $7.5M
Medium Flashloan Slippage Attack / Other arbitrum

Summarize with AI

ChatGPT Perplexity Claude Grok
Affected Chain arbitrum Incident surface
Recovered - No recovery reported
All-Time Rank #361 By amount stolen
Auditors 1 Prior security audit

Incident Overview

Quick Summary

Jimbos Protocol, a decentralized finance (DeFi) liquidity protocol on the Arbitrum system, was hacked on May 28, resulting in a loss of 4,000 Ether (ETH) worth approximately $7.5 million.

Details of the Exploit

The attack on Jimbos Protocol exploited the lack of slippage control on liquidity conversions, allowing the attacker to reverse swap orders and benefit from the price discrepancy. The protocol's mechanism, designed to address liquidity and volatile token prices, had a logical vulnerability that enabled the exploit. As a result, the price of the native token, Jimbo (JIMBO), dropped by 40%.

The attackers extracted 4,090 ETH from the Arbitrum network and used the Stargate bridge and the Celer Network to transfer around 4,048 ETH from the Ethereum network.

Block Data Reference

Exploit tx:

https://arbiscan.io/tx/0x44a0f565…7a5eda

Exploiter:

https://arbiscan.io/address/0x102be4bc…16a741

Bridged funds:

https://etherscan.io/address/0x5f3591e2…22ba7e

This is classified as a Flash Loans Attacks . Compare similar hacks →

Incident Report

Protocol / Project Jimbos Protocol
Date of Incident
Affected Chain(s) arbitrum
Attack Technique Flashloan Slippage Attack / Other
Classification Ecosystem / Other
Primary Source View Post-Mortem

Protocol Information

Protocol Type RWA
Affected Token JIMBO
Smart Contract Language Solidity
Official Website www.v2.jimbosprotocol.xyz/
Protocol Twitter/X @jimbosprotocol
Team Anonymous
Source Code Unverified

Market Context at Time of Hack

Token Categories
Marketplace Collectibles & NFTs E-commerce Gaming Payments Ethereum Ecosystem Metaverse Exnetwork Capital Portfolio
Protocol Links
GitHub Discord Reddit

What the Attacker Needed to Succeed

Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.

Technical Knowledge Deep understanding of flashloan slippage attack / other and Solidity and EVM internals
Capital Required Seed capital to cover gas and initial position setup
On-Chain Access Ability to interact with arbitrum smart contracts and deploy a custom exploit contract
Protocol Analysis Identification of the exploitable vulnerability in Jimbos Protocol's contract logic - root cause: ecosystem / other
Execution Speed Precise transaction ordering and timing to exploit the vulnerability within a single atomic block
Obfuscation Plan A strategy to launder and move stolen funds - typically through mixers, cross-chain bridges, or decentralized DEX swaps to resist tracing

What Auditors Should Check

Could this have been caught in audit? Likely — with a thorough Flashloan Slippage Attack / Other audit checklist and test coverage
Audited by Audit Report 1 — still lost $7.5M. Prior audits don't guarantee safety, especially after post-audit code changes.

If you're auditing a protocol with similar architecture to Jimbos Protocol, these are the critical security checks that could have prevented this incident (May 2023).

  • Verify all logic paths related to Flashloan Slippage Attack / Other are guarded by proper access controls and input validation - see the Flash Loans Attacks attack class for patterns
  • Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs

Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.

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Security Audit History

Related Attack Classes

The technique used in this hack maps to these vulnerability classes in our security curriculum:

See all Flash Loans Attacks examples →

Flash Loans Attacks

Proof-of-Concept Exploits

1 PoC available
poc-exploits - jimbos protocol
$ Jimbo Protocol Specific Price Manipulation

On-Chain Evidence & References

Sources & References

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