GMX Hackers’ Generosity: 90% of Stolen Funds Returned, Token Rallies! 😲

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In a surprising turn of events, the nefarious hackers who pilfered $42 million from the popular decentralized exchange GMX have returned a staggering 90% of the stolen assets. As a result, the GMX token has risen by 15%, recovering most of the damage caused by the incident.

However, GMX has yet to provide a detailed account of how the attack transpired. One can only hope that the team will promptly address any security vulnerabilities and restore the trust of their users.

GMX Hack: A Mostly Resolved Affair

The #GMX hacker chose to return the stolen $42M assets for a $5M white-hat bug bounty.

Currently, $10.49M $FRAX has been returned.

Another $32M assets had been swapped into 11,700 $ETH, which is now worth $35M—netting a ~$3M gain.

Will the hacker return all 11,700…

— Lookonchain (@lookonchain) July 11, 2025

At the time of this writing, the vast majority of the GMX hack proceeds have already been returned. The GMX token plummeted more than 35% after the incident but rose by 15% as the attackers began reimbursing the exchange. While this has not been enough to reverse all the token’s losses, the community is nonetheless breathing a sigh of relief.

Additionally, even though the perpetrators returned most of the money, they still had an opportunity to profit. Specifically, they used Ethereum to launder the funds after the hack, becoming one of the week’s largest ETH transactions. The price of Ethereum has skyrocketed since the incident took place, meaning that 10% of the stolen GMX money is now worth substantially more than it was before the hack.

Although there was some speculation that the perpetrators might try to sell this ETH and return fiat currency to GMX, they kept everything on-chain.

Unfortunately, there is one remaining loose end. We still do not have a clear understanding of how the GMX hack took place. Given the rampant nature of crypto crimes at the moment, this information could be incredibly valuable. If GMX can reassure its users that the exploit has been fixed, it might restore some much-needed confidence.

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2025-07-11 23:41