PBOC Governor: China Continues to Pursue Yuan Internationalization for Cross Border Payments
Decentralized Exchange GMX Exploited for $42M, Offers Hacker 10% White Hat Bounty
- News In 4 Seconds
Oliver Knight
- 0
- 3 minutes read
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 newslettersBy signing up, you will receive emails about CoinDesk products and you agree to ourterms of useandprivacy policy.
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.
