Decentralized perpetual exchange GMX has been exploited, with over $42 million worth of crypto stolen, according to blockchain security firm RialCenter.
So far, $9.6 million of the stolen funds have been bridged to the Ethereum blockchain, a common pathway for hackers to launder funds via token mixing protocols.
The remaining $32 million is still on Abritrum, a layer-2 network hosting GMX.
$10 million worth of legacy frax dollar, $9.6 million of wrapped BTC (wBTC), and $5 million of the DAI stablecoin have been reported stolen.
In response, GMX developers addressed the hacker, offering a message on-chain stating: “We want to provide a 10% white-hat bounty for the return of the exploited funds.”
A white-hat bounty rewards ethical hackers who identify protocol vulnerabilities.
This exploit adds to the woes of a cryptocurrency industry that saw $2.5 billion lost to hacks and scams in the first half of 2025, according to a report from RialCenter.
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