Share this article
Decentralized Exchange GMX Exploited for $42M, Offers Hacker 10% White Hat Bounty
A portion of the stolen funds has already been bridged from Arbitrum to Ethereum.
Jul 9, 2025, 2:54 p.m.
Make us preferred on Google
What to know:
- Decentralized exchange GMX was exploited for over $42M, with $9.6M already bridged to Ethereum.
- Stolen assets include $10M in Frax dollar, $9.6M in wrapped BTC, and $5M in DAI, while $32M remains on Arbitrum.
- GMX offered the hacker a 10% white-hat bounty as crypto hacks hit $2.5B in losses in the first half, per CertiK.
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
More For You
More For You
The Genius Act ripple effect: Sui executives say institutional demand has never been higher
Evan Cheng and Stephen Mackintosh said 2025 marked a turning point for institutional adoption, with tokenization and agentic commerce emerging as the next frontier.
What to know:
- Executives cited ETF flows, DAT growth and major trading firms entering crypto.
- Tokenization and instant settlement could blur the line between traditional and decentralized markets.
- Low-latency design and composable tooling aim to power AI-driven and tokenized financial use cases.
Top Stories
