On July 9, the GMX platform experienced an incident during which nearly $10 million was stolen. The hacker used a complex strategy to deceive the system and move the funds.
Incident Overview
On July 9, $10 million was stolen from GMX's GLP pool. The hacker utilized multiple networks to transfer the funds in an effort to obscure their actions.
Hacker's Strategy
The hacker extracted USDC, then converted it into ETH and partially into DAI. Other tokens, including FRAX, WBTC, and WETH, were also taken. The techniques involved complex token swaps and cross-chain transactions to conceal the stolen assets.
GMX's Response and Consequences
GMX reached out to the hacker with an offer: return 90% of the stolen funds and keep 10% as a reward, amounting to around $4.2 million. However, on-chain data from Arkham Intelligence shows that the address linked to the breach is still holding close to $44 million, with no response from the hacker observed.
The GMX incident highlights ongoing security concerns in decentralized finance, with a full post-mortem analysis expected to be released.
