Good News Comes from Altcoin Hacked Two Days Ago: Hacker Begins Returning Funds! “But He Could Turn the Corner!”

Recently, Binance-listed altcoin GMX was hacked and $42 million was stolen.

Following the hack news, the GMX price dropped sharply in a short time.

However, the GMX hacker agreed today to return $42 million in assets in exchange for a $5 million reward. “Okay, funds will be returned later,” the attacker wrote in an on-chain message, accepting the reward offered by the GMX team.

The GMX hacker accepted the $5 million white hat bounty and began returning the stolen funds.

According to Lookonchain, the hacker has returned 10.49 million worth of Frax (FRAX) tokens so far.

The remaining $32 million was converted to Ethereum after the hack.

The 11,700 ETH, currently worth $35 million, generated $3 million in profits.

At this point, the hacker’s next move is a matter of curiosity. Whether the hacker will return the entire 11,700 ETH he holds or the initial amount he stole is a matter of curiosity. If the hacker only returns the initial $32 million ETH, they will be left with approximately $3 million in ETH.

“Will the hacker return the full 11,700 ETH ($35 million), or will he sell ETH to return $32 million and make a $3 million profit?”

The hacker’s return of the stolen funds was met with positive response from the market, with the GMX price increasing by 15.1% in the last 24 hours and continuing to trade at $13.24.

The #GMX hacker chose to return the stolen $42M assets for a $5M white-hat bug bounty.

Currently, $10.49M $FRAX has been returned.

Another $32M assets had been swapped into 11,700 $ETH, which is now worth $35M—netting a ~$3M gain.

🤔Will the hacker return all 11,700… pic.twitter.com/XjBlAK81Mf

— Lookonchain (@lookonchain) July 11, 2025

*This is not investment advice.

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