GMX Hacker’s Money Trail: A $32 Million ETH Stash and Four New Wallets

• 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 cryptocurrencies, was exploited early Wednesday, prompting an immediate suspension of trading services and a formal investigation into the incident.

Related: GMX Hacked for $42 Million; Team Offers Hacker a 10% Bounty for Return of Funds

On-Chain Money Trail

The blockchain security firm PeckShield began tracking the exploiter’s activity shortly after the incident. According to its analysis, the attacker converted the stolen assets including WBTC, WETH, UNI, FRAX, LINK, USDC, and USDT into 11,700 ETH, equivalent to approximately $32 million, on the Ethereum network.

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