GMX Hacker Converts Stolen Assets into 11,700 ETH Worth $42.8M, Rejects White Hat Bounty Offer

On July 10th, on-chain analyst Yu Jin reported that the GMX hacker has liquidated the majority of stolen tokens from the GMX V1 pool, converting assets such as WBTC, WETH, UNI, Frax, LINK, USDC, and USDT into Ethereum. Except for Frax, all tokens were exchanged for approximately 11,700 ETH, valued near $32.33 million, which were then distributed across four separate wallets for safekeeping. The hacker currently controls a combined portfolio of 11,700 ETH and 10.495 million Frax tokens, totaling an estimated $42.8 million in value. This movement suggests a strategic decision to decline the GMX project’s proposal offering a 10% white hat bounty in return for asset restitution. The incident underscores ongoing security challenges within DeFi protocols and highlights the importance of robust risk management frameworks in safeguarding digital assets.