Decentralized perpetual change GMX has been exploited with over $42 million value of crypto being stolen, in keeping with blockchain safety agency PeckShield.
To this point, $9.6 million value of the funds have been bridged over to the Ethereum blockchain, which has turn out to be a pure path for hackers who then launder funds by token mixing protocol Twister Money.
The remainder of the $32 million stays on Abritrum, a layer-2 community that hosts the GMX change.
Greater than $10 million value of legacy frax greenback was stolen in addition to $9.6 million of wrapped btc (wBTC) and $5 million of the dai stablecoin.
GMX builders responded to the hacker, signing a message on-chain that learn: “We need to provide a ten% white-hat bounty for the return of the exploited funds.”
A white-hat bounty is obtainable to moral hackers who discover vulnerabilities in protocols and in return obtain a bounty.
The exploit is one other blight on a cryptocurrency business that noticed buyers lose $2.5 billion to hacks and scams within the first half of 2025, in keeping with a CertiK report.
