The attacker returned almost all the funds stolen from the GMX protocol. He agreed to a reward of $ 5 million proposed by the project team.
#Peckshieldalert #Gmx Exploiter MSG: Funds Will Be Returned Later pic.twitter.com/ohlovywsvd
– Peckshieldalert (@peckshieldalert) July 11, 2025
The unknown derived assets from the GMX V1 GMX V1 coin pool in Arbitrum. The hack was affected by USDC, Frax, WBTC and Weth.
The GMX team sent an onache message to the cracker. He was offered 10% of the amount as a remuneration and promised not to pursue by law if he returns the remaining 90% within 48 hours.
The hacker replied:
Soon after, he sent two tranches of 5.5 million Frax and 5 million Frax to the GMX address. Later, the cracker returned about 9000 ETH (~ $ 27 million).
After the incident, the GMX Native Token fell by 28% – to $ 10.45. Against the background of the news of the return of funds, the price increased by 15.8%. At the time of writing, the asset is traded at $ 13.3.
In the hacking report, the team confirmed that the V1 on Arbitrum suffered from the vulnerability of the re -entrance in the OrderBook contract. This allowed the attacker to manipulate the cost of bitcoin and get liquidity with profit.
The developers emphasized that the second version of the protocol is not affected. In the future, minting and repayment of GLP on the ARBITRUM network will be disconnected. The remaining funds will be sent for compensation for losses to users.
Be in the know! Subscribe to Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
