GMX Hacker Don Clear $42M, No Gree Collect 10% White Hat Bounty
On July 10, on-chain analyst Yu Jin and security firm PeckShield reveal say GMX hack happun weh attackers comot about $42 million worth assets from decentralized perpetual futures platform. Hacker dem swap WBTC, WETH, UNI, LINK, USDC, USDT and DAI to about 11,700 ETH (~$32.3 million) for Arbitrum and still hold 10.5 million FRAX (~$10.5 million). Dem carry move $9.6 million ETH go main Ethereum network and use Tornado Cash wash the money. GMX publicly offer 10% white hat bounty, ask the hacker make dem sign on-chain messages to return the money and collect the reward. The attacker no gree take the bounty till now. CertiK talk say worldwide crypto loss hit $2.5 billion for first half of 2025, wey show say DeFi security still get wahala. Traders need monitor on-chain movement for Arbitrum and Ethereum, check how GMX dey try recover, and reason the effect on decentralized exchange reputation and market stability.
Bearish
Di GMX hack and di liquidate $42 million assets fit put pressure down for GMX token. For short time, investors fit dey sell their GMX because dem dey fear say security no dey guaranteed and dem no sure say dem go fit recover di stolen funds. Di person wey attack no gree accept di 10% white hat bounty, e make people no trust again. For long time, if GMX offer bounty, work with security firms and fit upgrade di protocol, e fit make people trust again. But for now di market go dey bear. Similar DeFi wahala don usually make price drop small as traders dey think about risk again.