TraderJoe: Jimbo protocol attacked, are your holdings safe
For context, slippage control refers to a mechanism or feature that helps manage price slippage during trading or liquidity operations. Price slippage occurs when there is a discrepancy between the expected price of an asset and the actual executed price. In the context of liquidity-shifting operations, slippage control aims to minimize the impact of large trades or shifts in liquidity on the asset’s price.
This vulnerability was then exploited through a reverse swap mechanism, which enabled the attackers to generate profits from the manipulated price movements. A reverse swap mechanism, also known as a “flash loan attack,” is a type of exploit where an attacker borrows a large sum of assets and manipulates the market to their advantage. The attacker executes a series of trades or transactions that intentionally impact the price or liquidity of certain assets, creating an opportunity for profit.
Once the manipulation is successful and the desired outcome is achieved, the attacker repays the borrowed assets, typically within the same transaction, leaving them with the profit and no net exposure to risk.Due to the events that unfolded, the price of JIMBO fell by 40%, impacting token holders negatively.
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