Thief or Philanthropist? The Hilarious Return of $40M by the GMX Hacker! 😂💸

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In the grand tapestry of human folly, within the span of but 48 hours, a figure emerged—enigmatic, audacious—a thief of no small repute. This hacker, in a fit of brashness, absconded with a sum amounting to approximately $42 million in cryptocurrencies from the decentralized marketplace known as GMX, a circumstance that would prompt both outrage and intrigue. And lo! The very winds of fate howled a different tune as our impish character began to unveil their tightly-held spoils.

As the minute hands of the clock ticked, the vigilant eyes of on-chain detectives like PeckShield illuminated the actions of our digital rogue, revealing that this cunning deceiver had, in a surprising flourish, returned at least $40.5 million worth of digital treasures—replete with ethereal coins and the erstwhile Legacy Frax Dollar, a financial relic.

The Ingenious Folly of the Exploit

Recall, dear reader, that on the fateful day of July 9, the pretty smart contracts of GMX became unwitting victims of a clever ploy—a re-entrancy attack, they called it in the hallowed halls of the blockchain. The hacker, with the dexterity of a figure skating champion, exploited the very fabric of GMX’s programming, crafting calls within a function with all the finesse of a maestro conducting a symphony. The result? A veritable cacophony that led to inflated balances and the mischief that ensued as the price of the GLP, the very lifeblood of liquidity, danced chaotically. 😏

From the depths of their ill-gotten gains, the thief pilfered an assortment of assets—Wrapped Bitcoin, FRAX, and the age-old DAI. The journey of these riches continued as they transcended realms—from Arbitrum to Ethereum, where they transformed nimbly into 11,700 ETH, a number that would raise eyebrows among the average denizen of the financial world.

Yet, as the hacker twisted and turned through the corridors of opportunity, GMX, undeterred, issued forth a proclamation via an on-chain message—a 10% bounty for the return of their beloved stolen funds, lest the celestial threads of justice unspooled before their eyes. With a promise of absolution from legal doom, they extended this offer for a mere 48 hours. 📜

Our Rogue Returns, With a Side of Profit

Earlier today, the protagonists of this surreal drama exchanged words in a manner befitting their peculiar relationship. “Ok, funds will be returned later,” chimed the hacker, as if uttering the most mundane promise. The first act of restitution saw the return of $10.49 million in FRAX to the GMX Security Committee Multisig address—an act of surprising goodwill, or perhaps mere pragmatism? The phantom rogue then relinquished the remaining $32 million, which had become swaddled in ETH, delivering it back in quaint parcels.

Notably, as the hacker engaged in this modern-day Robin Hood routine, the price of ether soared, transforming those $32 million into a princely sum nearing $35 million. Thus, amid this delightful dance of numbers, they pocketed $3 million as profit while returning the original bounty. Cleverly, they claimed a meager bounty of roughly $4.5 million, sealing the deal with the grand return of $40.5 million—an act worthy of both admiration and absurdity!

Meanwhile, GMX, like a phoenix rising from the ashes, confirmed that the travesty did not reach its V2 protocol, that shimmering artifact unmarred by the design flaws of its predecessor. With spirits undaunted, the artisans of GMX lifted the minting restrictions upon their liquidity tokens in Arbitrum and Avalanche, redoubling their efforts with renewed vigor.

As the narrative draws to a close, we observe that the native token of GMX, much like the indomitable spirit of humanity, has soared beyond the immediate despair of the incident, rising over 13%—a reminder that even amid chaos, fortune favors, or at least winks at, the bold.

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2025-07-11 15:30