GMX Hacker Agrees to Return Stolen Funds—With a Catch
Well, this doesn’t happen every day. The hacker behind the recent $42 million GMX exploit has decided to return the stolen funds—but not without taking a cut first. In an on-chain message, the attacker simply wrote, *“Okay, funds will be returned later,”* after the GMX team offered a $5 million reward for the assets’ safe return.
The news comes just days after the altcoin, listed on Binance, saw its price plummet following the breach. But today, things took an unexpected turn.
Partial Refunds and a $3 Million Profit
According to blockchain tracker Lookonchain, the hacker has already sent back $10.49 million worth of Frax (FRAX) tokens. But here’s where it gets messy. The remaining $32 million had been converted into Ethereum shortly after the theft—and thanks to ETH’s price rise, that stash is now worth around $35 million.
So, the hacker is sitting on an extra $3 million in profit. The big question now: Will they return the full 11,700 ETH (worth $35 million), or just the original $32 million they stole? If they choose the latter, they’d walk away with a tidy $3 million gain on top of the $5 million bounty.
It’s a weird situation. On one hand, returning the funds at all is a win for GMX. On the other, the hacker still comes out ahead—way ahead.
Market Reaction: GMX Price Jumps
Investors seem cautiously optimistic. After the news broke, GMX’s price shot up by over 15% in 24 hours, trading at $13.24 at the time of writing. That’s a sharp rebound from the drop triggered by the hack, though it’s still unclear how much of the stolen ETH will actually make its way back.
Some are calling this a “white hat” move—a hacker playing by (sort of) ethical rules. Others might argue it’s just a calculated way to avoid legal heat while still cashing in. Either way, it’s a strange twist in a story that could’ve been much worse.
For now, all eyes are on that Ethereum wallet. Will the hacker do the “right” thing and return everything? Or take the profit and run? Guess we’ll find out soon.
*This isn’t investment advice. Just… you know, keep an eye on your crypto.*
