The incident, which unfolded on July 9, saw the attacker exploit GMX’s GLP pool and proceed to funnel funds across multiple networks in a calculated maneuver designed to obscure their trail. Blockchain investigators at PeckShield were quick to detect and trace the breach, reporting that nearly $10 million was moved to Ethereum shortly after the initial exploit.
The attacker employed an intricate strategy—first extracting USDC, then converting it into ETH, and eventually shifting a portion into DAI. Additional tokens, including FRAX, WBTC, and WETH, were also swept in the exploit. Complex token swaps and cross-chain transactions were used to fragment and conceal the loot.
In a last-ditch effort to negotiate, GMX reached out directly on-chain, offering the attacker a deal: return 90% of the funds and keep 10%—around $4.2 million—as a “white-hat” reward. The offer came with a 48-hour deadline and the promise of no legal action if the hacker complied.
you might just be funding someone’s tropical getaway. 🌴💸
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2025-07-09 22:17