GMX Hacker Returns Stolen Funds, Nets $3 Million Profit on ETH & Also Claiming Bounty

• 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 return the rest in exchange for the promised bounty.

Hacker’s twist: A $3 million profit on swapped ETH

However, 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. It is currently unknown if the hacker will return the full amount or retain the profit.

The whole incident started on July 9 when GMX’s V1 protocol on Arbitrum suffered a major exploit in its GLP liquidity pool. Stolen assets included stablecoins such as FRAX, USDC, and DAI, wrapped Bitcoin (WBTC), wrapped Ether (WETH), and more.

Swift response from the GMX team

The decentralized exchange immediately pause…

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