GMX Hackers Return Stolen Funds, Token Rally Follows

In a remarkable turn of events, the decentralized derivatives exchange GMX has witnessed a significant recovery following a major security breach. On July 11, 2025, hackers returned approximately 90% of the $42 million stolen in a sophisticated exploit, prompting a notable rally in the GMX token. The token surged by 15%, recovering much of the losses incurred during the incident.

The breach, which initially caused a sharp decline in GMX’s token value, was swiftly addressed by the exchange’s team. They halted key services on their V1 platform to contain the breach’s impact and reassured users of their commitment to security. In a strategic move, GMX offered a $5 million bounty to the hacker, encouraging the return of the stolen funds. This white-hat bounty proved successful, as the hacker began returning the stolen assets, converting a significant portion into Ethereum (ETH) before the restitution.

Blockchain analytics platform Lookonchain reported that the attacker agreed to a white-hat deal, returning the stolen assets in exchange for the bounty. This decision not only mitigated the financial damage but also highlighted the potential for ethical hacking in the crypto space.

GMX’s proactive approach, including the public offer of a $5 million bounty and a promise of no legal action, played a crucial role in the swift recovery of the funds. The exchange’s transparency and swift action have been praised by the community, reinforcing trust in their platform.

As of July 13, 2025, the GMX token closed at $12.7875, still below its 52-week high of $44.4566 but significantly higher than its 52-week low of $9.99776. The market capitalization stands at approximately $130.66 million, reflecting the resilience of the platform and its community.

This incident underscores the importance of robust security measures and the potential benefits of incentivizing ethical behavior in the crypto industry. GMX’s handling of the situation serves as a case study in crisis management and the power of community trust in the face of adversity.