The attacker who exploited the GMX v1 decentralized alternate (DEX) and stole $40 million in crypto started returning the stolen funds after sending an onchain message promising to return the crypto.
In an onchain message flagged by blockchain safety agency PeckShield, the hacker wrote that the funds will probably be returned. “Okay, funds will probably be returned later,” the exploiter wrote in an onchain message, accepting the bounty supplied by the GMX group.
Hacker begins returning stolen crypto
Virtually an hour later, the hacker began returning the crypto stolen from the assault. On the time of writing, the handle labeled GMX Exploiter 2 had returned about $9 million in Ether (ETH) to the Ethereum handle specified by the GMX group in an onchain message.
PeckShield flagged that the attacker returned about $5.5 million in FRAX tokens to the GMX group. After some time, the hacker returned one other $5 million in FRAX tokens to the GMX handle.
On the time of writing, about $20 million in belongings had been returned to GMX.
The exploit on Wednesday focused a liquidity pool on GMX v1, the primary iteration of the perpetual buying and selling platform deployed on Arbitrum.
The attacker drained numerous crypto belongings from the platform after exploiting a design flaw to govern the worth of GLP tokens.
GMX supplied a $5 million bounty to the attacker
In an X publish, the GMX group acknowledged the skills of the hacker and supplied a bounty of $5 million for the return of the funds stolen through the assault.
The group promised that the quantity could be categorized as a white hat bounty that the hacker might freely spend as quickly because the funds have been returned.
“You’ve efficiently executed the exploit; your talents in doing so are evident to anybody wanting into the exploit transactions,” GMX wrote. “The white hat bug bounty of $5 million continues to be obtainable.”
The GMX group stated that this could permit the hacker to take away the dangers related to spending stolen funds. The group even supplied to offer proof of the supply of funds ought to the hacker require it.
In an onchain message, the GMX group additionally instructed the hacker they might pursue authorized motion in 48 hours if the funds weren’t returned.
Within the message, the group stated the hacker might take 10% of the stolen funds as a white hat bounty reward so long as 90% of the crypto was returned to the addresses they specified.
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