GMX Hacker Converts Stolen Loot into 11,700 ETH

Key Points

1. GMX lost $42 million in cryptocurrencies, including $10 million in FRAX, $9.6 million in wBTC, and $5 million in DAI.

2. The attacker bridged $9.6 million to Ethereum, converting it into DAI and ETH, and later exchanged most stolen assets into 11,700 ETH.

3. GMX confirmed the exploit affected only the GLP pool on Arbitrum (V1), while V2, markets, liquidity pools, and the GMX token remained unaffected.

4. GMX offered the hacker a $4.2 million white-hat bounty for returning 90% of the funds within 48 hours, but no response was received.

5. Blockchain security firm SlowMist identified the exploit as a design flaw in GMX V1, allowing price manipulation via a re-entrancy attack.

6. A CertiK report noted $801.3 million lost in 144 crypto incidents in Q2 2025, with phishing ($395 million) and code vulnerabilities ($235.8 million) as top causes.