GMX, a prominent decentralized exchange, has fallen victim to a $42 million exploit. The attack, which occurred on July 9, saw hackers siphon off a mix of assets, with $9.6 million bridged to the Ethereum blockchain and approximately $32 million remaining in the Arbitrum network, where GMX primarily operates.
The stolen funds include $10 million in Frax dollar (FRAX), $9.6 million in wrapped Bitcoin (WBTC), and $5 million in DAI, among other assets. In response, GMX has issued a public appeal to the hackers, offering a 10% white-hat bounty for the return of the stolen funds, urging them to act as ethical hackers to mitigate the damage.
This incident adds to the growing wave of crypto-related hacks in 2025, with blockchain security firm CertiK reporting $2.5 billion in total losses across the industry this year. The GMX exploit underscores the persistent vulnerabilities in DeFi protocols, despite advancements in security measures.
GMX is actively investigating the breach and has called on the crypto community for assistance in tracking the stolen assets. The exchange has not disclosed specific details about the exploit’s mechanics but is working to prevent further losses and secure its platform.
