EddieJayonCrypto
9 Jul 25
GMX experienced a major hack losing about $42 million from its GLP liquidity provider. The attackers were offered a 10% bounty to return 90% of the stolen funds within 48 hours to avoid legal action. Approximately $9.6 million was moved from Arbitrum to Ethereum via Circle’s Cross-Chain Transfer Pro...
GMX suffered a major hack today, losing roughly $42 million from its GLP liquidity provider. The exact method of the breach remains unclear, but the attackers were offered a 10% bounty if they returned 90% of the stolen funds within 48 hours. This move by GMX aims to recover most of the assets without legal action.
The hackers have already transferred around $9.6 million from Arbitrum to Ethereum using Circle’s Cross-Chain Transfer Protocol (CCTP), sparking controversy around the incident. Despite this, most of the stolen amount, about $33 million, continues to stay on the Arbitrum network. GMX’s response included disabling key user functions like trading and token minting to contain further potential losses.
This breach marks GMX’s second significant hack in 2025. Earlier in March, the platform lost $13 million in an attack that led to a 10% drop in its token price. Today’s incident caused the token to fall over 35%, signaling shaken investor confidence and a potential threat to GMX’s reputation if similar events persist.
Security experts such as ZachXBT have highlighted additional concerns, criticizing Circle for not freezing the stolen USDC funds sooner, which remained on the blockchain for almost two hours before bridging. The investigation into how the hack occurred is ongoing, but currently, only the GMX V1 platform was affected, with V2 and other components reportedly intact.