The attacker who exploited the GMX v1 decentralized alternate (DEX) and stole $40 million in crypto began returning the stolen funds after sending an onchain message promising to return the crypto taken through the hack.
In an onchain message flagged by blockchain safety agency PeckShield, the hacker wrote that the funds might be returned. “Okay, funds might be returned later,” the exploiter wrote in an onchain message, accepting the bounty supplied by the GMX staff.
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 tackle labeled GMX Exploiter 2 returned about $9 million in Ether (ETH) to the Ethereum tackle specified by the GMX staff in an onchain message.
Moreover, PeckShield flagged that the attacker returned about $5.5 million in FRAX tokens to the GMX staff. After some time, the hacker returned one other $5 million in FRAX tokens to the GMX tackle.
On the time of writing, about $20 million in property had already 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 property from the platform after exploiting a design flaw that allowed the attacker to govern the worth of GLP tokens.
GMX supplied a $5 million bounty to the attacker
In an X publish, the GMX staff acknowledged the skills of the hacker and supplied a bounty of $5 million for the return of the funds stolen through the assault.
The staff promised that the quantity could be categorized as a white hat bounty that the hacker may freely spend as quickly because the funds had been returned.
“You’ve efficiently executed the exploit; your talents in doing so are evident to anybody trying into the exploit transactions,” GMX wrote. “The white hat bug bounty of $5 million continues to be accessible.”
The GMX staff stated that this might permit the hacker to take away the dangers related to spending stolen funds. The staff even supplied to supply proof of the supply of funds ought to the hacker require it.
Alternatively, the GMX staff threatened to pursue authorized motion if the hacker didn’t return the stolen funds.
In an onchain message, the GMX staff informed the hacker they might pursue authorized motion in 48 hours if the funds weren’t returned.
Within the message, the staff stated the hacker can take 10% of the stolen funds as a white hat bounty reward so long as 90% of the crypto is returned to the addresses they specified.
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