GMX Hacker Returns Stolen Funds, Nets $3 Million Profit on ETH & Also Claiming Bounty
2025-07-11 16:04:40
Main Idea
A hacker returned $10.49 million in stolen FRAX to GMX in exchange for a $5 million white-hat bounty, while profiting $3 million from swapped ETH, following a re-entrancy exploit on GMX's V1 protocol.
Key Points
1. The GMX hacker returned $10.49 million in FRAX and committed to returning the remaining $32 million in exchange for a $5 million bounty.
2. The hacker swapped the remaining stolen funds into 11,700 ETH, netting a $3 million profit due to price appreciation.
3. GMX paused GLP minting and redemption after the exploit and offered a 10% bounty with no legal action if funds were returned within 48 hours.
4. The exploit, traced to a re-entrancy vulnerability in the GLP pool, caused GMX's native token to drop roughly 20%.
5. Despite the hack, the broader crypto market remained unaffected, with Bitcoin and Ethereum rising by 2% and 6%, respectively.
Description
GMX hacker has initiated the return of $42 million in stolen crypto for a $5 million white-hat bounty $10.49 million in FRAX was already returned The rest of the $32 million was exchanged into 11,700 ETH, which is worth around $35 million, netting a $3 million profit to the hacker According to Lookonchain , the GMX hacker has initiated the return of $42 million in stolen crypto for a $5 million white-hat bounty. They already returned approximately $10.49 million in FRAX, with a commitment to ret...
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