GMX Hacker has now swapped all assets to ETH except for FRAX, indicating a rejection of the white-hat proposal put forth by GMX.

July 10th, according to on-chain data analyst Yujin, the $GMX hacker has successfully converted the assets stolen from the $GMX V1 pool to ETH.

The stolen assets include WBTC/WETH/UNI/FRAX/LINK/USDC/USDT. Currently, all assets except FRAX have been sold and converted to 11,700 $ETH (approximately 32.33 million) and dispersed into 4 wallets for storage.

The $GMX hacker now holds 11,700 $ETH and 10.495 million FRAX through 5 wallets, with a total value of $42.8 million. This operation should also indicate that the hacker has rejected the $GMX team's proposal to return the assets in exchange for a 10% white-hat bounty.