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A portion of the stolen funds has already been bridged from Arbitrum to Ethereum.
Jul 9, 2025, 2:54 p.m.
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.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
