ZachXBT Criticizes Circle Over GMX Hack Using CCTP to Move Stolen Ethereum Funds

ZachXBT has publicly criticized Circle for its lack of response following a recent security breach involving GMX. The attackers exploited the Cross-Chain Transfer Protocol (CCTP) to move stolen assets from GMX to the Ethereum blockchain, highlighting vulnerabilities in cross-chain fund transfers. This incident underscores the growing challenges in securing decentralized finance (DeFi) platforms against sophisticated cyber threats. Industry experts emphasize the need for enhanced security measures and proactive risk management strategies to mitigate such exploits. Circle’s delayed action raises concerns about the effectiveness of current protocols in safeguarding user funds during cross-chain operations. As the crypto ecosystem evolves, stakeholders must prioritize robust security frameworks to maintain investor confidence and ensure the integrity of digital asset transfers across multiple blockchains.