GMX Hacker’s Money Trail: A $32 Million ETH Stash and Four New Wallets
2025-07-10 11:06:41
Main Idea
A hacker exploited GMX, a decentralized crypto exchange, stealing $43 million in assets, converted most into 11,700 ETH (~$32M), and retained $10.5M in FRAX, while GMX offered a 10% bounty for the return of the remaining funds.
Key Points
1. The hacker converted stolen assets (WBTC, WETH, UNI, FRAX, LINK, USDC, USDT) into 11,700 ETH (~$32M) on Ethereum and kept $10.5M in FRAX on Arbitrum.
2. The stolen ETH was split and sent to four new wallets: three received 3,000 ETH each, and one received 2,699.95 ETH.
3. GMX offered the hacker a 10% bounty (~$4.3M) if 90% of the stolen funds were returned within 48 hours, though the offer lacked legal enforcement.
4. The community questioned GMX's response time in freezing the stolen funds, and the hacker initially held $30M in USDC before laundering.
5. The attack occurred despite GMX undergoing multiple security audits by reputable firms.
Description
On-chain data is revealing how the GMX hacker is actively laundering the $42M in stolen funds The attacker swapped the loot into 11,700 ETH (worth ~$32M) on the Ethereum network They then split this ETH stash across four new, separate wallets in an attempt to obscure the trail The latest security breach on the decentralized crypto exchange GMX has resulted in the theft and laundering of over $40 million worth of digital assets. The platform, which allows users to trade and speculate on various c...
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