The pirate causing the operation of $ 40 million on GMX began to restore stolen cryptos after accepting a WHITE HAT award of $ 5 million offered by the GMX team.
In short
- A pirate having stolen $ 40 million on GMX began to return the funds after accepting a WHITE HAT award of $ 5 million.
- Until now, around 20 million dollars have been returned to ETH and in tokens Frax, following on-chain messages sent by the pirate.
- GMX offered 10 % of the stolen funds as a reward and warned that a legal action would be initiated if the rest was not returned within 48 hours.
The pirate begins to restore millions
On Wednesday, GMX V1, a decentralized perpetual exchange platform on arbitrum, was exploited via a design flaw that allowed the attacker to handle the value of GLP tokens and empty liquidity. The striker has initially swept away $ 40 million in various cryptocurrencies.
However, a few hours later, the security firm Blockchain Peckshield reported an on-chain message from the operator: “Okay, the funds will be returned later.” Shortly after, the funds began to flock to the address specified by GMX.
Until now, around 20 million dollars have been returned, including $ 9 million in ETH and more than $ 10 million in Frax tokens on two separate transfers.
Prime White Hat of $ 5 million
The GMX team publicly recognized the technical competence of the pirate and proposed a White Hat bonus of $ 5 million in exchange for the secure return of assets. The premium, close to 10 % of stolen funds, was without conditions, allowing the pirate to spend it freely and legally, with the assistance of GMX to prove its provenance if necessary.
In a message sent to the blockchain, GMX also warned the striker that legal proceedings would begin within 48 hours if the funds had not returned. The combination of incentives and pressure seems to have worked.
Security and trust
This partial recovery is a victory for the GMX protocol and its users, even if questions remain on the deep cause of the feat and if other funds will be returned. However, the use of a White Hat bonus, rather than police force, shows an increasing trend in decentralized security negotiations.
While the DEFI platforms grow in size and complexity, the premiums and diplomacy on-chain could play an increasingly important role in risk management and the limitation of damage.
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