GMX Hacker’s Daring Defiance: $42.8M in Stolen Crypto Converted to ETH, Bounty Rejected

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.