The post Decentralized Exchange GMX Exploited for $42M, Offers Hacker 10% White Hat Bounty appeared on BitcoinEthereumNews.com.

Decentralized perpetual exchange GMX has been exploited with over $42 million worth of crypto being stolen, according to blockchain security firm PeckShield. So far, $9.6 million worth of the funds have been bridged over to the Ethereum blockchain, which has become a natural path for hackers who then launder funds through token mixing protocol Tornado Cash. The rest of the $32 million remains on Abritrum, a layer-2 network that hosts the GMX exchange. More than $10 million worth of legacy frax dollar was stolen as well as $9.6 million of wrapped btc (wBTC) and $5 million of the dai stablecoin. GMX developers responded to the hacker, signing a message on-chain that read: “We want to offer a 10% white-hat bounty for the return of the exploited funds.” A white-hat bounty is offered to ethical hackers who find vulnerabilities in protocols and in return receive a bounty. The exploit is another blight on a cryptocurrency industry that saw investors lose $2.5 billion to hacks and scams in the first half of 2025, according to a CertiK report. Source: https://www.coindesk.com/business/2025/07/09/decentralized-exchange-gmx-exploited-for-usd42m-offers-hacker-10-white-hat-bounty

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Filed under: News - @ July 9, 2025 10:26 pm