The GMX protocol was previously attacked, and the hacker returned most of the assets worth 42 million USD and received a security reward of 5 million USD.
Currently, 10.49 million USD in FRAX has been returned. The hacker converted the remaining 32 million USD into 11,700 ETH, valued at approximately 35 million USD, with a profit of about 3 million USD. This ETH can be held or sold to settle the remaining amount.
MAIN CONTENT
GMX was previously hacked, resulting in the theft of 42 million USD in assets, and the hacker agreed to return them while receiving a security reward of 5 million USD.
10.49 million USD in FRAX has been returned, and the remaining 32 million USD was converted into 11,700 ETH equivalent to 35 million USD.
What is GMX and how did the security incident occur?
GMX is a highly reputable DeFi protocol that uses advanced security mechanisms but still suffers from hacker attacks.
In July 2024, a hacking incident resulted in the loss of 42 million USD in assets. However, the hacker proactively contacted to return the assets and received a security reward of up to 5 million USD, clearly demonstrating responsibility in the cryptocurrency community.
What has the hacker returned and how was it handled?
According to data from Lookonchain, the hacker returned 10.49 million USD in FRAX immediately after the attack.
In addition, the remaining 32 million USD was converted into 11,700 ETH, with a current market value of approximately 35 million USD, generating a profit of nearly 3 million USD for the hacker. This demonstrates the hacker's flexibility and expertise in asset management.
The hacker actively collaborated to minimize damage and receive a security reward, which is viewed positively in the modern cryptocurrency industry.
Statement from blockchain security expert Nguyen Van Hung, 07/2024
Will the hacker keep the ETH or sell it to return the remaining assets?
Currently, there is no specific information on whether the hacker will keep all 11,700 ETH or sell part of it to return 32 million USD to GMX.
The decision to hold or sell ETH directly affects the complete return of assets as well as the process of restoring GMX's reputation. Experts are closely monitoring this volatility to provide more accurate assessments in future reports.
What is the impact of this event on the cryptocurrency market?
The event highlights both risks and responsibilities in the cryptocurrency space. The hacker returning assets and receiving a security reward contributes to increased trust for investors.
This also demonstrates the importance of bounty programs to detect vulnerabilities, helping to enhance security and sustainable development in the industry.
Frequently Asked Questions
What is GMX? GMX is a DeFi protocol focused on derivative trading and liquidity management, trusted by many investors.
How much assets has the hacker returned? 10.49 million USD in FRAX has been returned and 32 million USD has been converted into 11,700 ETH with a value of approximately 35 million USD.
Will all the assets be returned? It is currently unclear whether the hacker will keep all the ETH or sell it to return the remaining amount.
What is a security reward? This is the amount given to a 'white hat' hacker to encourage the timely detection and reporting of security vulnerabilities.
What is the impact of the hack on GMX and the market? The incident highlights the importance of security while demonstrating collaboration within the cryptocurrency community.
Source: https://tintucbitcoin.com/gmx-hackers-tra-lai-1049-trieu-frax/
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