The GMX hacker committed to returning the stolen cryptocurrency after the GMXV1 vulnerability was discovered.

GMX confirmed the security incident, offered a 10% white hat reward, and committed not to sue if the hacker returns 90% within 48 hours.

MAIN CONTENT

  • The hacker sent a notification via blockchain committing to return the money.

  • GMX acknowledged the GMXV1 vulnerability and offered a 10% white hat reward.

  • Commitment not to sue if the hacker returns 90% within 48 hours.

How did the GMX hacker respond after the security vulnerability incident?

Cybersecurity expert SlowMist confirmed that the hacker sent a message via the deploy on-chain address, committing to return the stolen funds.

This incident was shared by 23pds, CISO of SlowMist Technology, on July 11, showing that hackers chose to act responsibly, creating a basis for reasonable resolution between the parties.

The GMX hacker wrote: 'The money will be returned later.'

23pds, CISO SlowMist, July 2024

What was GMX's response after discovering the GMXV1 vulnerability?

GMX quickly acknowledged the security issue with GMXV1 and publicly sent a message inviting hackers to cooperate.

On July 9, GMX proposed a 10% white hat reward for hackers if they return 90% of the remaining funds, aiming to encourage positive behavior and avoid legal actions.

GMX's CEO stated: 'We are committed to cooperating professionally, aiming to mitigate risks for the community in a constructive spirit.'

GMX CEO, July 2024, Official Statement

What are the deadlines and conditions that GMX has set for hackers?

GMX commits not to sue or take legal action if the hacker returns 90% of the funds within 48 hours.

This strategy helps minimize losses for the GMX cryptocurrency ecosystem while encouraging hackers to act responsibly, in line with the trend of promoting white hats.

Practical examples of handling similar security incidents in the cryptocurrency industry

In 2023, a major DeFi project in the United States also offered a similar white hat reward for hackers to return assets. Subsequently, a large amount of assets was returned, significantly minimizing losses for users.

According to a report from a well-known cybersecurity company, reward and forgiveness policies can reduce up to 75% of prolonged disputes related to hackers.

Why did GMX choose the reward solution instead of suing?

GMX CEO explains: this solution attracts hacker cooperation while protecting the reputation and operational process of the platform in the highly competitive DeFi space.

This method is based on practical experience and analytical data from SlowMist, showing that a flexible and constructive approach helps minimize legal and financial risks.

Comparison table of typical hack handling policies in the cryptocurrency industry

Post-hack response Return deadline Reward for hacker GMX lawsuit policy (2024) 48 hours 10% of returned funds No lawsuit if sufficient return US DeFi project (2023) 72 hours 15% white hat reward No lawsuit if cooperating Project A Europe (2022) No fixed time Unofficial Immediate lawsuit

Frequently Asked Questions

How did the GMXV1 vulnerability affect GMX?

GMXV1 is a serious vulnerability that allows hackers to steal assets, severely affecting users and GMX's development plans.

Are white hat rewards popular in the cryptocurrency industry?

White hat rewards are a legitimate mechanism adopted by many projects to encourage hackers to report vulnerabilities instead of exploiting or stealing.

How did GMX inform the community about the incident?

GMX is transparent on official channels, updating the handling process and committing to protecting user assets.

How could the hacker's actions affect GMX's reputation?

The cooperation of hackers in returning funds helps minimize losses and increase trust for users and partners in the long term.

Could GMX's solution be a model for other cryptocurrency projects?

The strategy of combining rewards and not suing helps balance interests, minimize legal disputes, and is worth referencing for projects.

Source: https://tintucbitcoin.com/hacker-gmx-se-som-tra-tien/

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