jQuery library comes with WordPress core and it is not a part of the theme. Sorry, but we didn’t test our theme with 3.4.1 and support only a current version that comes with WordPress by default.
Ok so you’re aware that you’ve created a theme that has inherent security vulnerabilities from using an outdated version of jQuery – you should state that on the theme’s page on Themeforest so that people are aware that they shouldn’t be using it for ecommerce as it breaches GDPR / PCI compliance.
Actually, it is not true since this library is not a part of the theme. If there some issue with WordPress then it has to be reported and fixed very soon by WordPress developers.
But your theme relies on an outdated version of jQuery, and you have an opportunity to override this so that your theme is driven by a newer version of jQuery?
Unfortunately, we are not able to change this since it is not a theme-territory functionality and not allowed by Envato coding guides. This is a core WordPress library and if we will replace it, you will face a lot of issues from other plugins that also rely on the library.