GMX Breach: Hacker Returns $20M, Keeps 10% as Reward

Crypto News Exploits

GMX Breach: Hacker Returns $20 Million, Keeps 10% as Reward

Written by Aaron S.,

Editor-In-Chief

Last Updated: July 11, 2025

Key Takeaways

Hacker who stole $40 million from GMX began returning funds after accepting a 10% bounty offer;
About $20 million has been returned so far, including Ethereum and FRAX stablecoins;
GMX warned legal action would follow if 90% of the funds were not returned within 48 hours.

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GMX Breach: Hacker Returns $20 Million, Keeps 10% as Reward

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A hacker who recently drained $40 million from GMX’s $378.55K original trading platform, GMX V1, has begun returning the funds, following an agreement with the GMX team.

The return process began after the hacker posted a message on the blockchain. The message was noticed by PeckShield, which confirmed that the hacker had accepted GMX’s offer of a reward for returning the money.

The hacker sent back around $9 million worth of Ethereum ETH $3,177.84 to an address that GMX had publicly shared.

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PeckShield later confirmed two additional transactions, each involving the transfer of FRAX FRAX $0.9945 stablecoins, one for $5.49 million and the next for $5 million. In total, about $20 million has been returned.

Following the incident, GMX posted on X on July 10 to address the hacker directly. The team acknowledged the hacker’s skills and offered a $5 million "white hat" reward.

The team said they would help prove the source of the funds so they could be used without risk of being frozen or flagged.

The trading platform also noted that the hacker could retain 10% of the stolen amount, provided that 90% was returned to the addresses listed by GMX. However, GMX warned that if the funds were not returned within 48 hours, they would take legal action.

On July 10, Venn Network researchers stopped a security breach that could have stolen more than $10 million from decentralized finance (DeFi) projects. How? Read the full story.