The GMX hacker is in the process of laundering 1,700 ETH that they misappropriated through a mixer, while returning nearly 40 million USD worth of assets to the community.
MAIN CONTENT
The GMX hacker has begun laundering 1,700 ETH through the Tornado mixer.
About 40 million USD in FRAX and ETH has been returned in the past 3 hours.
The hacker retains nearly 5 million USD in profits as a white hat reward.
What method did the GMX hacker use to clean the misappropriated assets?
The hacker used the Tornado mixer to launder 1,700 ETH that was misappropriated, which is a popular method for concealing the origin of cryptocurrencies, enhancing the anonymity of blockchain transactions.
The transfer of 100 ETH to Tornado occurred just half an hour before the report, indicating that the hacker was actively cleaning a large portion of the ETH. Tornado mixer is known for its ability to break transaction links, making assets harder to trace, allowing hackers to easily reinvest or transfer without detection.
What is the result of the return of GMX hacker's assets?
In about 3 hours, the hacker returned nearly 40 million USD worth of assets including FRAX and ETH, showing a somewhat positive action despite previously misappropriating community assets.
The act of returning assets while retaining profits as a white hat reward shows a positive change, similar to a white processing method rather than total misappropriation.
Quoted from the July 2024 blockchain analysis research report
The amount of returned assets has helped minimize losses for GMX users and build some trust within the cryptocurrency community regarding the potential for hackers to act more responsibly.
Why does the hacker retain nearly 5 million USD in profits and what is the significance of the white hat reward?
Retaining 5 million USD in profits is considered a 'white hat' reward when the price of ETH rises, representing the legitimate profit after returning the original assets.
This reward is seen as an incentive mechanism for hackers to return stolen assets rather than completely misappropriating them. This could be a new signal in handling cryptocurrency-related attacks, helping to balance security governance and motivation to return assets.
What impact does laundering cryptocurrency through mixers have on the community and law?
The use of mixers increases anonymity while also complicating law enforcement's ability to trace illegal money flows.
In this context, although the GMX hacker has returned the assets, laundering money through mixers puts pressure on regulatory policies to enhance transparency and protect users. Cryptocurrency security experts also recommend strengthening solutions for tracking and monitoring transactions to mitigate risks from fraudulent activities.
Real-world examples of the extent of damage and recovery in other cryptocurrency hacks
Hack case Amount misappropriated Return rate Return time Notes GMX (2024) 1,700 ETH (~40 million USD) Nearly 100% 3 hours Including white hat reward of 5 million USD KuCoin (2020) 280 million USD About 84% A few months Recovered and supported investigation Poly Network (2021) 610 million USD Nearly 100% A few weeks Hacker group returned due to goodwill
Frequently Asked Questions
1. What types of cryptocurrencies has the GMX hacker returned?
The hacker has returned most of the assets, which are FRAX and Ethereum, totaling about 40 million USD.
2. What is the method of laundering money through the Tornado mixer?
This is a tool that increases transaction anonymity on the blockchain, helping to obscure the origin and transaction history of cryptocurrencies.
3. What is a white hat reward in this context?
It is the amount of legitimate profit the hacker retains after returning the assets, aimed at incentivizing positive actions.
4. How does money laundering affect cryptocurrency regulation?
Hindering the traceability of transactions requires improvements in technology and greater transparency from regulatory authorities.
5. Have other hacks been able to return assets?
Many major hacks such as KuCoin and Poly Network have returned a significant portion of assets due to recovery efforts or the goodwill of hackers.
Source: https://tintucbitcoin.com/gmx-token-va-1-700-eth-bi-rua/
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