$42M Stolen in GMX Hack, Hacker Offered Bounty

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. 🌴💸

Hacker dancing with stolen money

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2025-07-09 22:17