Key Highlights:

• The decentralized exchange GMX has suffered a $42 million exploit, with $9.6 million already moved to Ethereum.
• The theft involved $10 million in Frax dollars, $9.6 million in wrapped BTC, and $5 million in DAI, while $32 million remains on Arbitrum.
• GMX has proposed a 10% white-hat bounty for the return of the funds as crypto hacks have caused $2.5 billion in losses in the first half of 2025.

Decentralized perpetual exchange GMX has been compromised, leading to the loss of more than $42 million worth of cryptocurrencies, according to blockchain security firm PeckShield. As of now, $9.6 million of the stolen funds have found their way back to Ethereum, a common route exploited by hackers for laundering through token mixing protocols like Tornado Cash.

GMX Exploit

The remaining $32 million is still on the Arbitrum layer-2 network that hosts GMX, where over $10 million was taken in legacy Frax dollars, $9.6 million in wrapped BTC, and $5 million in the DAI stablecoin.

In response, the developers signed an on-chain message: “We want to offer a 10% white-hat bounty for the return of the exploited funds.” A white-hat bounty is intended for ethical hackers who report security flaws and return stolen assets for a reward.

This incident contributes to a worrying trend in the cryptocurrency sector, which has witnessed $2.5 billion lost to hacks and scams in the first half of 2025, according to a report by CertiK.