Crypto Crook Returns $42 Million for a Bargain!

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Well, well, well! Look who’s turned over a new leaf! 🌱 A sneaky crypto hacker, who pinched a whopping $42 million from the GMX exchange, has decided to go all white hat on us. And why, you ask? For a tidy little sum of $5 million, of course! 💸

It all started when the hacker, with a penchant for pilfering, swiped the funds from GMX’s Arbitrum-based liquidity pool. But, in a shocking twist, they’ve decided to return the loot and collect a reward. Talk about a change of heart! ❤️

“A potential exploitable amount of $42 million belonging to GLP holders was secured. After payment of a $5 million bounty to the user, the remaining funds are now safely in the GMX Security Multisig.

Contributors are working on a proposed distribution plan for presentation to the GMX DAO (decentralized autonomous organization) and will share more information shortly.” Ah, the joys of bureaucracy! 📝

Apparently, the hacker struck on July 9th, making off with a chunk of the funds. But, in a clever move, GMX assured everyone that the exploit was limited to GMXV1, and that V2, its markets and liquidity pools, as well as the ecosystem’s native asset, were all safe and sound. Phew! 🙌

So, what exactly happened? Well, it seems the exploit was a re-entrancy attack – a fancy way of saying someone took advantage of a vulnerability in a smart contract. Sneaky, sneaky! 🤫

And the best part? The news of the returned funds sent GMX soaring! The digital asset is now trading at $13.36, a whopping 18.4% increase in just 24 hours. Talk about a happy ending! 🚀

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2025-07-13 03:06