GMX’s Calamitous Collapse: A Most Unfortunate Hack

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It is a truth universally acknowledged, that a single hack in possession of a large fortune, must be in want of a swift and merciless punishment 🤑. Alas, dear reader, GMX, the esteemed decentralized exchange, has fallen prey to a most egregious breach, with a wallet draining a staggering $42 million from its GLP liquidity provider 💸.

The particulars of this dastardly deed are shrouded in mystery, but the GMX team, in a display of benevolence, has offered the attackers a 10% bounty, provided they return 90% of the pilfered funds within a span of 48 hours ⏰. One cannot help but wonder if this gesture shall be met with the desired outcome.

The Curious Case of the GMX Hack

The crypto community, of late, has been beset by a plethora of hacks, each one more brazen than the last 🤯. This morning, security watchdogs chanced upon a suspicious transaction on GMX, which, upon closer inspection, revealed itself to be a hack of monumental proportions 🔍.

A wallet, funded by the nefarious Tornado Cash, managed to siphon off a whopping $42 million from GMX’s liquidity provider, leaving many to ponder the exact methods employed by these cunning thieves 🤑.

ALERTOur system has detected a suspicious transaction involving @GMX_IO.

A malicious contract, deployed by an address funded via @TornadoCash, has exploited approximately $42M worth of assets on the Arbitrum (#ARB) network — including:$ETH, $USDC, $fsGLP, $DAI, $UNI,…

— Cyvers Alerts (@CyversAlerts) July 9, 2025

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Alas, this is not GMX’s first foray into the world of hacking, for in March of this year, the firm suffered a breach that resulted in the loss of $13 million, causing the token to plummet 10% 📊. One cannot help but wonder if this latest incident shall irreparably damage the firm’s reputation 🤕.

ZachXBT, a renowned crypto sleuth, has pointed out another weakness in the GMX hack, claiming that $9.6 million in stolen funds sat on the USDC blockchain for nigh on two hours before the attacker utilized CCTP to bridge the funds to Ethereum 🕰️. He personally attempted to flag the transaction, accusing Circle of negligence in failing to freeze these assets 🚫.

The fate of the remaining ~$33 million, still languishing on Arbitrum, remains uncertain, leaving many to ponder if the attackers shall succeed in laundering the proceeds of their dastardly deed 🤑.

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2025-07-09 19:31