GMX Hacked for $42 Million as Attacker Moves Funds Across Chains

Key Highlights

• GMX hacked for $42 million

• GMX hacker is moving the loot by bridging into ETH and DAI

GMX Hacked for $42 Million: What We Know So Far

The decentralized exchange GMX has reportedly suffered a major exploit, with more than $42 million in crypto assets drained. The attacker moved fast, shifting stolen funds from Arbitrum to Ethereum to muddy the trail.

According to Lookonchain, GMX was hacked for $ 42 million. Currently, the hacker has bridged $9.65 million to Ethereum and exchanged it into DAI and ETH.

On-chain data shows the attacker drained GMX vault-related contracts on Arbitrum. They then began bridging stolen funds to Ethereum, a move often seen in major exploits.

Also Read: U.S. Secret Service seizes $400 million in crypto

According to security firm PeckShield, approximately $9.6 million has already been successfully bridged. The attacker's wallet—0xdf33...5221—is under close surveillance. But unless the exploiter slips up or law enforcement intervenes, the trail may soon run cold.

GMX’s Silence Sparks Concern

GMX, known for low-fee leveraged trading and no-slippage execution, has built strong trust on Arbitrum. That trust now hangs in the balance.

The protocol has not issued any public statement as of now. We don't yet know how users will be affected or what recovery measures, if any, will be implemented. As this unfolds, uncertainty continues to weigh on GMX's reputation.

What to Expect Next 

DeFi transparency is a double-edged sword. It gives everyone a view, but it also allows attackers to study, plan, and execute. This exploit reminds us that innovation in DeFi must always be accompanied by security. With hackers targeting major Crypto platforms, it's vital to venture and develop robust security measures. 

For now, as the events unfold, we are waiting for what the next move the institution will take. In that regard, we'll update this story as more details emerge.