Hacker Begins Returning Stolen Funds to GMX Protocol – What’s Next for the DeFi Platform?
- GMX Hack: Funds Trickling Back After White-Hat Deal
- How Did GMX Mitigate the Damage?
- Is Snorter’s Presale a Safer Bet for Traders?
- What’s Next for GMX?
- FAQ: Your GMX Hack Questions Answered
In a surprising twist, the hacker behind the recent $42 million exploit of GMX’s liquidity pool has started returning stolen funds. The GMX team offered a 10% white-hat bounty, which the hacker seemingly accepted. Meanwhile, traders are eyeing alternatives like Snorter, a Telegram trading bot with robust security features and a lucrative presale. Here’s the full breakdown.
GMX Hack: Funds Trickling Back After White-Hat Deal
The crypto community breathed a sigh of relief as the attacker responsible for draining $42 million from GMX’s Arbitrum-based liquidity pool began returning portions of the stolen assets. The exploit, which forced GMX to halt trading on its V1 platform, involved a multi-stage laundering process: USDC was drained first, swapped to ETH, then partially converted to DAI, alongside withdrawals of WBTC, WETH, and FRAX.
GMX’s on-chain offer of a 10% bounty ($4.2 million) for the funds’ return paid off. The hacker responded, “ok, funds will be returned,” and later sent back $10.5 million in FRAX, per PeckShield. Legal action was avoided—this time.
How Did GMX Mitigate the Damage?
GMX acted swiftly, pausing GLP token minting/redemption on both Arbitrum and Avalanche to prevent further losses. “In my experience, protocols that respond this quickly tend to regain trust faster,” noted a BTCC analyst. The platform’s transparency—detailing the hack’s mechanics via Twitter—helped calm investors.
@GMX_IO ($GMX) exchange was hacked. The exploiter’s address holds $42M in assets. Source: Daz (@Daz_0x)
Is Snorter’s Presale a Safer Bet for Traders?
While GMX recovers, some traders are diversifying into tools like Snorter—a Telegram bot promising MEV protection, 0.85% fees (below the industry 1% average), and 219% APY for stakers. Its native token, SNORT, is in presale at $0.0981, already raising $1.8 million. “Snorter’s anti-sandwich features are a game-changer,” claimed an early adopter on Discord.
What’s Next for GMX?
All eyes are on whether the hacker returns the remaining $31.5 million. Historical data from CoinGlass shows similar exploits (like Poly Network’s $610M hack in 2021) often see partial reimbursements. GMX’s V1 relaunch timeline remains unclear, but Arbitrum’s low fees could aid its comeback.
FAQ: Your GMX Hack Questions Answered
How much did the GMX hacker steal?
The attacker drained $42 million from GMX’s liquidity pool on July 9, 2025.
What’s the status of the returned funds?
As of July 12, $10.5 million in FRAX has been returned. The hacker pledged to return more but hasn’t specified a timeline.
Where can I buy SNORT tokens?
SNORT is available in presale on itsvia SOL, ETH, BNB, USDT, USDC, or credit cards.
