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Decentralized exchange GMX suffered a $42 million exploit on its Arbitrum-based platform, prompting a 10% white-hat bounty offer to the hacker. The attack caused GMX’s token to plummet 17%, while security experts criticized Circle for its slow response in freezing suspicious USDC transactions.
- GMX's $42M exploit involved a malicious smart contract funded through Tornado Cash, targeting multiple assets including ETH and USDC.
- Circle, issuer of USDC, was criticized for not freezing $30M in exploiter-held USDC, raising concerns over stablecoin security protocols.
- The attacker bridged $9.6M to Ethereum’s mainnet, while GMX’s token price fell 17% post-hack despite the bounty offer.
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