Decentralized perpetual contract trading platform GMX has suffered a hacker invasion, resulting in losses amounting to $42 million, once again sounding the alarm for digital asset security.
According to blockchain security company PeckShield, the hacker has currently transferred $9.6 million of the stolen assets to Ethereum and washed the funds through the mixing protocol Tornado Cash; the remaining $32 million in assets are still on the Layer2 network Arbitrum operated by GMX and have not yet flowed out.
GMX's stolen assets include various cryptocurrencies, including $10 million in Legacy Frax Dollar (FRAX), $9.6 million in Wrapped BTC (WBTC), and $5 million in Dai stablecoin.
In response, GMX has proposed a 'white hat bounty' condition in an attempt to negotiate with the hacker, signing a message on-chain and publicly appealing: 'We are willing to offer a 10% white hat bounty as long as the stolen assets are returned.'
The so-called 'white hat bounty' is a common mechanism in the cryptocurrency industry for reporting security vulnerabilities, aimed at encouraging ethical hackers to proactively expose vulnerabilities and prevent disasters from escalating, thereby enhancing overall ecosystem security. Now GMX has also chosen to extend an olive branch, hoping to peacefully recover user assets.
According to statistics from security company CertiK, in the first half of 2025, global cryptocurrency investors have cumulatively lost $2.5 billion due to hacking and fraud incidents, equivalent to an average of over $400 million disappearing each month.
"GMX stolen $42 million! Offering the hacker a '10% white hat bounty' in hopes of recovering assets" was originally published in (Block Voice).
