The GMX domain has received back assets worth tens of millions of USD from the hacker, including millions of FRAX Tokens and thousands of ETH.
Information from on-chain expert Yu Jin indicates that 10.495 million FRAX and 10,000 ETH have been returned to the GMX project, and the project has converted ETH into USDT to prepare for asset returns to users.
MAIN CONTENT
The GMX hacker returned 10.495 million FRAX and 10,000 ETH, worth approximately 30 million USD.
GMX sold all 10,000 ETH in exchange for nearly 29.597 million USDT.
Which assets did the hacker return to the GMX project?
According to on-chain expert Yu Jin's analysis, the hacker returned 10.495 million FRAX and 10,000 ETH, equivalent to about 30 million USD, to GMX on July 11, 2024.
This represents a significant amount of cryptocurrency returned to mitigate losses for the user community and reinforce the project's reputation. This return reflects collaboration and the hacker's desire to rectify the situation.
How has GMX handled the amount of ETH received?
The GMX project has sold all 10,000 ETH received from the hacker and converted it to USDT at an average selling price of 2,959 USD/ETH, earning about 29.597 million USDT.
The move to convert ETH into stablecoins helps GMX maintain financial stability and better prepare for the return of assets to affected users.
The hacker's return of large assets indicates progress in security awareness and commitment to the cryptocurrency community.
Yu Jin, On-chain analyst, 12/07/2024
How does the return and sale of assets affect GMX users?
This is an important step for GMX to recover from the attack, ensuring that users can reclaim lost assets while rebuilding trust within the community.
The project is undergoing the necessary procedures to transparently and fully return the assets. Data from on-chain transactions and expert comments confirm GMX's determination to protect customer rights.
How does this action enhance the reputation of the GMX project?
The hacker's return of a large amount of assets and GMX's proactive conversion to stablecoins show that the project is capable of effective risk management, increasing reliability and transparency in financial governance.
According to the 2024 market report, projects that respond quickly and transparently to incidents often retain an engaged community and enhance brand value.
Comparison table of the impact between GMX and some other projects when facing similar incidents
Criteria GMX Project A Project B Returned assets (million USD) 30 5 0 Return time 1 day 2 weeks Not returned Converted to stablecoin Yes No No Reputation impact Positive Neutral Negative
Frequently Asked Questions
1. When did the hacker return the assets?
The hacker returned the assets on July 11, 2024, according to on-chain expert Yu Jin's observations.
2. Why did GMX convert ETH into USDT?
The conversion helps maintain stable value and facilitates the return of assets to affected users.
3. Is the amount returned sufficient to compensate for user losses?
Initially, the returned assets amount to 30 million USD, which is a positive signal that GMX can return most to users.
4. How does this affect GMX's reputation?
This transparent action enhances the community's trust and confidence in the GMX project.
5. What do experts say about this incident?
Yu Jin assesses that the return of assets indicates significant progress in security awareness within the cryptocurrency community.
Source: https://tintucbitcoin.com/gmx-ban-10-000-eth-thu-296-trieu-usdt/
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