A hacker who recently drained $40 million from GMX’s
$0
original trading platform, GMX V1, has begun returning the funds, following an agreement with the GMX team.
The return process began after the hacker posted a message on the blockchain. The message was noticed by PeckShield, which confirmed that the hacker had accepted GMX’s offer of a reward for returning the money.
The hacker sent back around $9 million worth of Ethereum
$2,990.40
to an address that GMX had publicly shared.
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PeckShield later confirmed two additional transactions, each involving the transfer of FRAX
$0.9995
stablecoins, one for $5.49 million and the next for $5 million. In total, about $20 million has been returned.
Following the incident, GMX posted on X on July 10 to address the hacker directly. The team acknowledged the hacker’s skills and offered a $5 million “white hat” reward.
The team said they would help prove the source of the funds so they could be used without risk of being frozen or flagged.
The trading platform also noted that the hacker could retain 10% of the stolen amount, provided that 90% was returned to the addresses listed by GMX. However, GMX warned that if the funds were not returned within 48 hours, they would take legal action.
On July 10, Venn Network researchers stopped a security breach that could have stolen more than $10 million from decentralized finance (DeFi) projects. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
