This week, the hacker who looted the GMX GLP pool returned nearly all the stolen funds, totaling $37.5 million.
Details on the Return of Funds
According to PeckShield Alert, the hacker executed multiple transfers of assets, including ETH and FRAX, totaling $37.5 million. These transfers occurred around 8:00 AM UTC and represent nearly 90% of the $42 million drained during the initial exploit.
GMX Protocol's Response
The return of funds followed GMX's public offer of a 10% bounty for the safe return of assets within a 48-hour deadline and a promise not to pursue legal action. GMX has yet to publicly confirm the receipt of the funds, but the team expressed gratitude to the hacker on-chain: "Thank you, we greatly appreciate this."
Context and Other Cyber Attacks
The GMX hack ranks among the largest in the industry this year. Other high-profile victims include Bybit, which suffered a $1.4 billion hack, and Cetus Protocol, which was drained of $223 million. Like GMX, Bybit also offered a 10% bounty for funds recovery but has yet to reclaim any stolen assets.
The return of funds by the hacker highlights how cryptocurrency protocols can react to threats. However, it remains unclear whether the hacker will return the remaining $4.5 million stolen during the hack.
