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

• The decentralized exchange GMX was hacked for approximately $42 million on July 9, 2025
• The attacker exploited the platform’s GLP liquidity pool, draining multiple crypto assets
• The GMX team has sent an on-chain message offering the hacker a 10% “white-hat” bounty to return the funds

Decentralized derivatives exchange GMX faced a major security breach on July 9, 2025. An attacker exploited the platform’s GLP liquidity pool and stole around $42 million in crypto assets. 

PeckShield, a blockchain security firm, confirmed the event and tracked the hacker’s transactions on-chain. According to their analysis, the attacker bridged approximately $9.6 million to Ethereum shortly after the initial exploit.

How the Attacker Drained and Moved the Funds

The hacker moved funds in several stages. First, drained liquidity from the pool in USDC stablecoins. They then swapped the USDC into ETH before converting a portion of that to the DAI stablecoin. 

They also extracted significant amounts of FRAX, wrapped bitcoin (WBTC), wrapped ether (WETH), and multiple other tokens. These transactions were executed across v…

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