Decentralized Exchange GMX Exploited for $42M, Offers Hacker 10% White Hat Bounty
Main Idea
Decentralized exchange GMX was exploited for over $42 million in crypto assets, with the developers offering the hacker a 10% white-hat bounty for the return of the funds.
Key Points
1. GMX suffered an exploit resulting in over $42 million worth of crypto being stolen.
2. $9.6 million of the stolen funds have been bridged to Ethereum via Tornado Cash, while $32 million remains on Arbitrum.
3. Stolen assets include $10 million in Frax dollar, $9.6 million in wrapped BTC (wBTC), and $5 million in DAI.
4. GMX developers offered the hacker a 10% white-hat bounty for the return of the exploited funds.
5. Crypto hacks and scams resulted in $2.5 billion in losses in the first half of 2025, according to CertiK.
Description
Decentralized perpetual exchange GMX has been exploited with over $42 million worth of crypto being stolen, according to blockchain security firm PeckShield . 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. The rest of the $32 million remains on Abritrum, a layer-2 network that hosts the GMX exchange. More than $10 million worth of legacy frax ...
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