The hackers have recently returned 90% of the assets stolen in the GMX hack. In response, the GMX token rose 15%, recovering most of the damage from the incident.
Nevertheless, GMX has yet to clearly explain how the attack happened. Hopefully, your team can patch up any security vulnerabilities and restore user trust.
GMX Hacks solved most of them
Two days ago, the GMX Hack surprised the entire community, looting $42 million from the popular, decentralized exchange.
After that happened, the developer encoded the message to the attacker and provided a 10% white hat prize if he returned 90% of the funds. Instead, GMX did not pursue legal action. Apparently the hackers took them up on the offer:
At the time of this writing, the majority of GMX Hack revenue has already been returned. GMX tokens crashed more than 35% after the incident, but rose 15% after attackers began reimbursing exchanges.
This wasn’t enough to reverse all the token losses, but the community is still being released in the news.
Furthermore, even if the perpetrators returned most of the money, they still had the opportunity to make a profit. Specifically, they used Ethereum to wash their funds after hacking, becoming one of the biggest ETH transactions this week.
Ethereum prices have risen dramatically since the incident occurred. In other words, 10% of the stolen GMX money is significantly more valuable than before the hack because it has been converted to ETH.
There was a bit of speculation that the perpetrator might sell this ETH and try to return the Fiat currency to GMX, but they kept everything in chains.
Unfortunately, there is a loose end to the rest. There is no clear idea yet as to how the GMX hack was done. Crypto crime is currently very rampant, so this can be invaluable information.
If GMX can reassure users that their exploits have been fixed, it could restore confidence.
Post-GMX hackers returned 90% of the stolen money and prompted a token rally, first making its appearance in Beincrypto.
