Less than 48 hours after siphoning about $42 million in cryptocurrencies from the decentralized trading platform GMX, the hacker responsible for the attack has begun to return the stolen loot.
According to an update from the on-chain sleuth PeckShield, the GMX exploiter has returned at least $40.5 million in crypto assets, including ether (ETH) and Legacy Frax Dollar (FRAX).
Root Cause of the Exploit
Recall that the hacker exploited GMX’s smart contracts to steal the funds on July 9. A postmortem report from the firm confirmed that it was a re-entrancy attack. The exploiter took advantage of a smart contract function that could not prevent re-entrancy issues within the same smart contract.
This design flaw on GMX V1 enabled the criminal to place multiple calls within one function and caused the contract to calculate the wrong balance. They were able to artificially inflate the price of GLP, which is the liquidity provider token for GMX.
After the breach, they stole several assets, in
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