GMX Hacker Returns Stolen $40 Million, Accepts $5M Bounty
2025-07-11 12:31:09
Main Idea
A hacker exploited GMX's smart contracts, stealing $42 million in cryptocurrencies, but later returned $40.5 million after GMX offered a 10% bounty with no legal consequences.
Key Points
1. The hacker exploited a re-entrancy attack in GMX’s smart contracts, stealing assets including WBTC, FRAX, and DAI.
2. GMX offered a 10% white hat bounty for the return of the stolen funds within 48 hours, with no legal consequences.
3. The hacker returned $40.5 million, keeping $4.5 million as the bounty and an additional $3 million profit from ETH price fluctuations.
4. GMX lifted the minting caps on liquidity tokens for GMX V2, and the platform's native token recovered from the incident's initial dip.
Description
Less than 48 hours after siphoning about $42 million in cryptocurrencies from the decentralized trading platform GMX, the hacker responsible for the attack has begun to return the stolen loot. According to an update from the on-chain sleuth PeckShield, the GMX exploiter has returned at least $40.5 million in crypto assets, including ether (ETH) and Legacy Frax Dollar (FRAX). Root Cause of the Exploit Recall that the hacker exploited GMX’s smart contracts to steal the funds on July 9. A postmorte...
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