[GMX Hacker Leaves Message on Chain Stating Funds Will Be Returned]

Latest developments, plot twist? 🤔 #GMX

⛑️FN Hotspot Express | $42.00 million stolen from GMX, how should DeFi security be guaranteed?

On the evening of July 9th, another large-scale theft occurred on the chain. $42.00 million was stolen from @GMX_IO. Here is a summary of the latest progress and reasons as of now:

Attack Process and Fund Flow

Security company @peckshield and SlowMist @SlowMist_Team analysis shows that the attacker exploited a flaw in GMX V1's AUM calculation processing logic. This flaw caused the contract to update the global average price immediately after opening a short position. The attacker used this to construct a targeted operation path to manipulate token prices and arbitrage redemptions.

The attacker transferred approximately $9.65 million in assets from Arbitrum to Ethereum, and then exchanged them for DAI and ETH. Some of the funds flowed into the mixing protocol Tornado Cash. The remaining approximately $32.00 million in assets are still in the Arbitrum network, involving tokens such as FRAX, wBTC, and DAI.

After the incident, GMX made an on-chain appeal to the hacker's address, requesting the return of 90% of the funds and offering a 10% white hat bounty. According to the latest on-chain data, the GMX hacker has exchanged the assets stolen from the GMX V1 pool for ETH.

The assets stolen by the hacker include WBTC/WETH/UNI/FRAX/LINK/USDC/USDT. Currently, all assets except FRAX have been sold and exchanged for 11,700 ETH (approximately $32.33 million), which have been分散ed into 4 wallets for storage. Therefore, the GMX hacker now holds 11,700 ETH (approximately $32.33 million) and 10.495 million FRAX through 5 wallets, worth approximately $42.80 million.

Ember Research analysis suggests that the hacker's actions also mean that they have rejected the GMX project team's proposal to return the assets and receive a 10% white hat bounty.

Click here for more attack details:
https://t.co/JEX9pE2mKA
[Odaily Planet Daily]