Decentralized perpetual exchange GMX has been exploited with over $42 million worth of crypto being stolen, according to blockchain security firm PeckShield.
So far, $9.6 million worth of the funds have been bridged over to the Ethereum blockchain, which has become a natural path for hackers who then launder funds through token mixing protocol Tornado Cash.
The rest of the $32 million remains on Abritrum, a layer-2 network that hosts the GMX exchange.
More than $10 million worth of legacy frax dollar was stolen as well as $9.6 million of wrapped btc (wBTC) and $5 million of the dai stablecoin.
GMX developers responded to the hacker, signing a message on-chain that read: “We want to offer a 10% white-hat bounty for the return of the exploited funds.”
A white-hat bounty is offered to ethical hackers who find vulnerabilities in protocols and in return receive a bounty.
The exploit is another blight on a cryptocurrency industry that saw investors lose $2.5 billion to hacks and scams in the first half of 2025, according to a CertiK report.