Close Menu
  • Crypto News
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Trending

GMX hacker returns stolen funds after bounty negotiation 

July 11, 2025

Bitcoin, Ethereum and Ripple rally as Trump’s tariff uncertainty clears and $130K is in sight

July 11, 2025

Dow Jones down 300 points on Trump’s tariff threats, Bitcoin reaches new ATH

July 11, 2025

Bitcoin Breaks ATH, Hayes Flips Bullish: ‘Maelstrom Is Backing Up the Truck’

July 11, 2025

Bloomberg Now Shows Bitcoin in Millions as Price Predictions Top $1M+

July 11, 2025
Facebook X (Twitter) Instagram
  • Advertise
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianoru Русскийes Españolzh-CN 简体中文hi हिन्दीja 日本語
Crypto Observer
  • Crypto News

    Bitcoin Breaks ATH, Hayes Flips Bullish: ‘Maelstrom Is Backing Up the Truck’

    July 11, 2025

    SUI Explodes Higher, Climbing Above 20-Day MA — But Can The Rally Hold?

    July 11, 2025

    SUI Price Eyes $3.60 Breakout After 20% Weekly Surge

    July 11, 2025

    What’s Driving Crypto in 2025? 99Bitcoins Releases Q2 Report

    July 11, 2025

    MemeCore (M) Explodes by 1,100% Weekly: What’s Fueling the Parabolic Move?

    July 11, 2025
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi
Facebook X (Twitter) Instagram
Crypto Observer
Home » Technology » Blockchain » GMX Exploiter Starts Returning $40M in Stolen Crypto After Bounty Deal
Blockchain

GMX Exploiter Starts Returning $40M in Stolen Crypto After Bounty Deal

Crypto Observer StaffBy Crypto Observer StaffJuly 11, 2025No Comments3 Mins Read
Facebook Twitter Pinterest Reddit Telegram Email LinkedIn Tumblr
GMX Exploiter Starts Returning $40M in Stolen Crypto After Bounty Deal
Share
Facebook Twitter LinkedIn Pinterest Email

The attacker who exploited the GMX v1 decentralized exchange (DEX) and stole $40 million in crypto started returning the stolen funds after sending an onchain message promising to return the crypto taken during the hack. 

In an onchain message flagged by blockchain security firm PeckShield, the hacker wrote that the funds will be returned. “Ok, funds will be returned later,” the exploiter wrote in an onchain message, accepting the bounty offered by the GMX team. 

Hacker begins returning stolen crypto

Almost an hour later, the hacker started returning the crypto stolen from the attack. At the time of writing, the address labeled GMX Exploiter 2 returned about $9 million in Ether (ETH) to the Ethereum address specified by the GMX team in an onchain message. 

Furthermore, PeckShield flagged that the attacker returned about $5.5 million in FRAX tokens to the GMX team. After a while, the hacker returned another $5 million in FRAX tokens to the GMX address. 

At the time of writing, about $20 million in assets had already been returned to GMX.

The exploit on Wednesday targeted a liquidity pool on GMX v1, the first iteration of the perpetual trading platform deployed on Arbitrum.

The attacker drained various crypto assets from the platform after exploiting a design flaw that allowed the attacker to manipulate the value of GLP tokens.

An onchain message from the GMX exploiter promising to return the funds. Source: Arbiscan

GMX offered a $5 million bounty to the attacker 

In an X post, the GMX team recognized the abilities of the hacker and offered a bounty of $5 million for the return of the funds stolen during the attack.

The team promised that the amount would be categorized as a white hat bounty that the hacker could freely spend as soon as the funds were returned. 

“You’ve successfully executed the exploit; your abilities in doing so are evident to anyone looking into the exploit transactions,” GMX wrote. “The white hat bug bounty of $5 million continues to be available.”

The GMX team said that this would allow the hacker to remove the risks associated with spending stolen funds. The team even offered to provide proof of the source of funds should the hacker require it. 

On the other hand, the GMX team threatened to pursue legal action if the hacker did not return the stolen funds. 

In an onchain message, the GMX team told the hacker they would pursue legal action in 48 hours if the funds were not returned.

In the message, the team said the hacker can take 10% of the stolen funds as a white hat bounty reward as long as 90% of the crypto is returned to the addresses they specified. 

Onchain message from the GMX team sent to the GMX exploiter. Source: Arbiscan

Related: Brazil’s central bank service provider hacked, $140M stolen

Magazine: Coinbase hack shows the law probably won’t protect you — Here’s why

Read the full article here

Crypto News cryptocurrency
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Dubai Won The Real Estate Tokenization Play

Dubai Won The Real Estate Tokenization Play

July 11, 2025
HIVE Digital Stock Rises on Bitcoin Surge, AI Pivot and Mining Milestones

HIVE Digital Stock Rises on Bitcoin Surge, AI Pivot and Mining Milestones

July 11, 2025
Ethereum Plans zkEVM Launch on Layer 1 Within a Year

Ethereum Plans zkEVM Launch on Layer 1 Within a Year

July 11, 2025
Vatican Bank Denies Ties to Scam Project Promoting Fake Crypto Token

Vatican Bank Denies Ties to Scam Project Promoting Fake Crypto Token

July 11, 2025
Add A Comment

Leave A Reply Cancel Reply

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Top Posts

GMX hacker returns stolen funds after bounty negotiation 

July 11, 2025

Bitcoin, Ethereum and Ripple rally as Trump’s tariff uncertainty clears and $130K is in sight

July 11, 2025

Dow Jones down 300 points on Trump’s tariff threats, Bitcoin reaches new ATH

July 11, 2025
Advertisement
Demo

Crypto Observer is your one-stop website for the latest crypto news and updates, follow us now to get the news that matters to you.

Facebook X (Twitter) Instagram
Crypto News

SUI Explodes Higher, Climbing Above 20-Day MA — But Can The Rally Hold?

July 11, 2025

SUI Price Eyes $3.60 Breakout After 20% Weekly Surge

July 11, 2025

What’s Driving Crypto in 2025? 99Bitcoins Releases Q2 Report

July 11, 2025
Get Informed

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Facebook X (Twitter)
  • Privacy Policy
  • Terms of use
  • Advertise with us | Publishing
  • Contact us
  • Crypto News – Press release
  • Newsletter sign up
  • Markets
  • Altcoins
  • Bitcoin
  • Crypto News
  • DeFi
  • Ethereum
  • Technology
  • Blockchain
  • AI
  • NFT
  • Thanks for joining us
© 2025 Crypto Observer. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.