Hackers steal $3.5M worth of digital assets from GMX whale

Hackers person started the twelvemonth with different exploit, with respective cardinal being taken from a whale holding ample amounts of decentralized concern (DeFi) protocol GMX’s autochthonal token. 

On Jan. 3, assorted assemblage members saw suspicious movements of GMX tokens. Following this, information firms CertiK and PeckShield flagged the transactions arsenic an exploit that drained $3.4 cardinal worthy of GMX tokens from a GMX whale.

According to information investigation level Lookonchain, the hackers took power of 82,519 GMX tokens and exchanged the assets for 2,627 Ether (ETH). Then, the attackers cross-chained the assets to the Ethereum web utilizing Hop Protocol and Across Protocol.

Hacker’s wallet address. Source: Etherscan

As the hack happened, the token’s worth dropped to $38 earlier recovering shortly. At the clip of writing, the token trades astatine astir $41. This abrupt terms driblet that whitethorn person been caused by the hack caused assemblage members to beryllium alarmed. One idiosyncratic tweeted: 

What conscionable happened to #gmx ?#crypto #blockchain #btc #eth #sol #playtoearn #Metaverse pic.twitter.com/ivHqgYPDu9

As immoderate assemblage members observed the hack’s effect done the charts, comments connected the antagonistic broadside of aforesaid custody were seen connected societal media. One Twitter idiosyncratic said that the lawsuit highlights “the acheronian broadside of self-custodial wallets.” 

Related: Here's however Defrost Finance plans to refund users pursuing $12M hack

On Jan. 1, Bitcoin (BTC) halfway developer Luke Dashjr claimed that helium mislaid BTC to hackers. Because of this, members of the crypto assemblage voiced their opinions that the exploit highlights the risks that travel with opting to aforesaid custody integer assets. Various assemblage members echoed sentiments saying that if a apical developer didn’t unafraid his BTC, mean radical would person nary hope.

DeFi hackers person been progressive during the vacation season. On Dec. 25, $12 cardinal worthy of integer assets were taken done a flash indebtedness attack, liquidating Defrost Finance users. A time after, different DeFi hack was seen, with hackers draining astir $8 cardinal from Bitkeep wallets done compromised APKs.