Another exchange hacked for $40M

Another exchange hacked for $40M originally appeared on TheStreet.

The GMX crypto exchange got hacked for $41.9 million on July 9, the on-chain analytics platform Lookonchain posted on X.

Launched in 2021, GMX is a decentralized spot and perpetual exchange that offers up to 100 times leverage in crypto trading.

GMX confirmed on X that V1 on Arbitrum has suffered an exploit of approximately $40 million. The stolen funds have been transferred from the GLP pool to an unknown wallet, it added.

The exchange said it has paused trading on GMX V1 and the minting and redeeming of GLP on both Arbitrum and Avalanche networks. It recommended users disable leverage, among other steps, to potentially mitigate the issue.

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As per the on-chain data on DeBank, the hacker still held $30.2 million on Arbitrum and bridged more than $11.6 million to Ethereum.

PeckShieldAlert shared a message on X as per which the GMX developer seemed to acknowledge the exploit and offer a 10% white hat bounty to recover the stolen funds.

No further legal action will be taken if the exchange succeeds in recovering 90% of the stolen funds within 48 hours, the message read.

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As per the on-chain analyst Arkham Intelligence, the hacker's wallet held $43.5 million at the time of writing.

Source: Arkham Intelligence

Among the cryptocurrencies the wallet holds are $10.5 million in Legacy Frax Dollar, $9.6 million in wrapped Bitcoin, $10.3 million in DAI, $5.8 million in wrapped Ethereum, $2.6 million in Ethereum, $2.2 million in USDC, and $1.3 million in USDT.

An official followup announcement will be published once a full post-mortem has been done.

When TheStreet Roundtable reached out to GMX on X for a comment on the development, the exchange's representative told us to wait for an official follow-up announcement to be published once a full postmortem has been done.

Another exchange hacked for $40M first appeared on TheStreet on Jul 9, 2025

This story was originally reported by TheStreet on Jul 9, 2025, where it first appeared.