GMX Hacked for $42M: Hacker Gets a Generous 10% Bounty Offer 🤑

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What to know:

  • Decentralized exchange GMX was exploited for over $42M, with $9.6M already bridged to Ethereum. 🌊
  • Stolen assets include $10M in Frax dollar, $9.6M in wrapped BTC, and $5M in DAI, while $32M remains on Arbitrum. 💰
  • GMX offered the hacker a 10% white-hat bounty as crypto hacks hit $2.5B in losses in the first half, per CertiK. 🕵️‍♂️

Decentralized perpetual exchange GMX has been exploited with over $42 million worth of crypto being stolen, according to blockchain security firm PeckShield. One can only imagine the hacker’s delight, perhaps sipping a margarita on a tropical island, courtesy of GMX. 🌴🍹

So far, $9.6 million worth of the funds have been bridged over to the Ethereum blockchain, which has become a natural path for hackers who then launder funds through token mixing protocol Tornado Cash. It’s almost like they have a VIP pass to the crypto underworld. 🕶️

The rest of the $32 million remains on Arbitrum, a layer-2 network that hosts the GMX exchange. One can only hope it’s well-guarded, or the hacker might just come back for seconds. 🍽️

More than $10 million worth of legacy frax dollar was stolen as well as $9.6 million of wrapped btc (wBTC) and $5 million of the dai stablecoin. It’s a veritable treasure trove of digital gold. 🏆

GMX developers responded to the hacker, signing a message on-chain that read: “We want to offer a 10% white-hat bounty for the return of the exploited funds.” It’s a generous offer, almost as if they’re saying, “Please, take a little less and we’ll call it even.” 🙏

A white-hat bounty is offered to ethical hackers who find vulnerabilities in protocols and in return receive a bounty. It’s like a digital version of “catch me if you can.” 🏃‍♂️🏃‍♀️

The exploit is another blight on a cryptocurrency industry that saw investors lose $2.5 billion to hacks and scams in the first half of 2025, according to a CertiK report. It seems the crypto world is more like a wild west than a secure financial haven. 🤠

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2025-07-09 18:09