GMX Hackers Shock Market by Returning 90% of Stolen Funds – Token Skyrockets

In a plot twist straight out of a crypto noir thriller, the GMX exploiters just pulled off the ultimate 'giveback'—returning 90% of their loot. The token’s price reacted like Wall Street after a Fed pivot—straight to the moon.

The Heist That Wasn’t

After draining funds in what looked like another DeFi disaster, the attackers suddenly grew a conscience (or feared a blockchain bat-signal). The returned stash sent GMX soaring—proving once again that in crypto, even crime pays… until it doesn’t.

Market Whiplash

Traders piled back in faster than a degenerate farmer chasing the next yield vault. The rally defied logic—much like that 'fundamentals' PowerPoint your CFA keeps emailing you.

Bonus Truth Bomb: Nothing boosts token metrics like a good old-fashioned robbery-and-return saga. Just don’t ask about the other 10%.

GMX Hack Largely Resolved

Two days ago, the GMX hack took the whole community by surprise, pillaging $42 million from the popular decentralized exchange.

After it happened, developers encoded a message to the attackers, offering a 10% WHITE hat bounty if they returned 90% of the funds. In exchange, GMX wouldn’t pursue legal action. Apparently, the hackers took them up on the offer:

The #GMX hacker chose to return the stolen $42M assets for a $5M white-hat bug bounty.

Currently, $10.49M $FRAX has been returned.

Another $32M assets had been swapped into 11,700 $ETH, which is now worth $35M—netting a ~$3M gain.

Will the hacker return all 11,700… pic.twitter.com/XjBlAK81Mf

At the time of this writing, the vast majority of GMX hack proceeds have already been returned. GMX’s token crashed more than 35% after the incident, but it ROSE 15% after attackers began reimbursing the exchange.

This hasn’t been sufficient to reverse all the tokens’ losses, but the community is nonetheless relieved at the news.

Additionally, even though the perpetrators returned most of the money, they still had an opportunity to profit. Specifically, they used ethereum to launder funds after the hack, becoming one of the week’s largest ETH transactions.

The price of Ethereum has increased dramatically since the incident took place. In other words, since it’s been converted to ETH, 10% of the stolen GMX money is now worth substantially more than it was before the hack.

Although there was a little speculation that the perpetrators might try to sell this ETH and return fiat currency to GMX, they kept everything on-chain.

Unfortunately, there is one remaining loose end. We still don’t have a clear idea of how the GMX hack took place. Since crypto crimes are so rampant right now, this could be very valuable information.

If GMX can reassure its users that the exploit has been fixed, it might restore some confidence.