A sophisticated breach has struck the decentralized trading platform GMX, with over $42 million in crypto assets drained from its liquidity pool in what’s being described as one of the most damaging exploits of the year.
The incident, which unfolded on July 9, saw the attacker exploit GMX’s GLP pool and proceed to funnel funds across multiple networks in a calculated maneuver designed to obscure their trail. Blockchain investigators at PeckShield were quick to detect and trace the breach, reporting that nearly $10 million was moved to Ethereum shortly after the initial exploit.
The attacker employed an intricate strategy—first extracting USDC, then converting it into ETH, and eventually shifting a portion into DAI. Additional tokens, including FRAX, WBTC, and WETH, were also swept in the exploit. Complex token swaps and cross-chain transactions were used to fragment and conceal the loot.
In a last-ditch effort to negotiate, GMX reached out directly on-chain, offering the attacker a deal: return 90% of the funds and keep 10%—around $4.2 million—as a “white-hat” reward. The offer came with a 48-hour deadline and the promise of no legal action if the hacker complied.
However, according to on-chain data from Arkham Intelligence, the address linked to the breach is still holding close to $44 million. So far, the funds remain untouched, and no response has been observed.
GMX, which operates primarily on the Arbitrum network and offers leveraged trading for top assets like Bitcoin and Ethereum, is expected to publish a full post-mortem analysis. In the meantime, the incident has reignited broader concerns about protocol-level security in decentralized finance.
Alexander Stefanov
Reporter at Coindoo
Alex ist ein erfahrener Finanzjournalist und ein Enthusiast für Kryptowährungen und Blockchain. Mit mehr als 8 Jahren Erfahrung in der Berichterstattung über die Krypto-, Blockchain- und Fintech-Branche ist er mit der komplexen und sich ständig weiterentwickelnden Welt der digitalen Vermögenswerte bestens vertraut. Seine aufschlussreichen und zum Nachdenken anregenden Artikel vermitteln den Lesern ein klares Bild von den neuesten Entwicklungen und Trends auf dem Markt. Sein leidenschaftlicher Ansatz ermöglicht es ihm, komplexe Ideen in zugängliche und aufschlussreiche Inhalte aufzuschlüsseln. Verfolgen Sie seine Inhalte, um über die wichtigsten Trends und Themen auf dem Laufenden zu bleiben.
Source: https://coindoo.com/42m-stolen-in-gmx-hack-hacker-offered-bounty/