GMX Hacker’s Daring Defiance: $42.8M in Stolen Crypto Converted to ETH, Bounty Rejected
2025-07-10 10:09:25
Main Idea
A hacker converted $42.8M in stolen crypto from GMX into ETH, likely rejecting GMX's white-hat bounty offer, highlighting challenges in DeFi security and asset recovery.
Key Points
1. The hacker converted most of the stolen assets (excluding 10.495M FRAX) into 11,700 ETH (~$32.33M), totaling $42.8M across five wallets.
2. The ETH conversion increases liquidity and complicates recovery efforts, suggesting a rejection of GMX's 10% white-hat bounty offer.
3. The move underscores vulnerabilities in DeFi security and the difficulty of tracking highly liquid assets like ETH.
4. The hacker's actions reflect defiance against typical DeFi bounty negotiations, potentially setting a precedent for future exploits.
5. The incident highlights the need for stronger blockchain security measures to prevent and mitigate such exploits.
Description
The decentralized finance (DeFi) world has once again been shaken by a bold move from a perpetrator behind a significant security breach. In a development that has sent ripples across the crypto community, the GMX hacker , responsible for a multi-million dollar exploit, has reportedly converted the vast majority of the pilfered assets into Ethereum (ETH). This strategic maneuver, first highlighted by on-chain analyst @EmberCN on X, signals a likely rejection of GMX’s good-faith offer for a white...
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