The decentralized <a href="https://en.wikipedia.org/wiki/Perpetual_futures" target="_blank">perpetual</a> exchange GMX has been exploited for $42&nbsp;million. The exploit involved a vulnerability in one version of the exchange's price calculation <button class="define-target" id="smart-contract">smart contract</button>. GMX paused some trading while they investigated the hack, and placed other temporary restrictions on the platform.<p>GMX offered a 10% "<button class="define-target" id="bug-bounty">bug bounty</button>" to the hacker if they returned the funds. The attacker later returned $40.5&nbsp;million in stolen assets; unusually, this is more than the 90% return requested by GMX.</p>

GMX hack

GMX exchange hacked for $42&nbsp;million

The BigONE cryptocurrency exchange was hacked for more than $27&nbsp;million, which the hacker quickly swapped for various other tokens. The attacker compromised one of the exchange's <button class="define-target" id="hot-wallet">hot wallets</button> after gaining access to the company's production network. BigONE stated they would fully cover the loss.<p>Blockchain security researcher zachxbt responded to the hack by saying, "I do not feel bad for the team as this CEX processed a good bit of volume from <button class="define-target" id="pig-butchering">pig butchering</button>, romance, investment scams." Elsewhere he suggested that hacks of "sketchy offshore exchanges" would be a positive for the crypto industry, serving as a "natural cleanse".</p>

"BigONE Security Incident Disclosure and Progress Update – July 16"

BigONE hack

BigONE hacked for over $27&nbsp;million

The Arcadia Finance <button class="define-target" id="">defi</button> margin protocol was exploited for $3.5&nbsp;million after an attacker found a vulnerability in a project <button class="define-target" id="smart-contract">smart contract</button>. The attacker quickly swapped the stolen tokens and bridged them from Base to the Ethereum mainnet. The attacker stole the funds in two separate transactions that were more than four hours apart.<p>Arcadia is backed by Coinbase Ventures. The project acknowledged the hack, encouraging users to revoke permissions.</p>

Arcadia Finance exploit

Arcadia Finance exploited for $3.5&nbsp;million

An attacker exploited the Solana-based lending protocol Texture, stealing $2.2&nbsp;million in user funds from one of the project's vaults.<p>Shortly after the attack, Texture sent a message to the thief: "We are offering a 10% bounty of any funds stolen, which are yours to keep if you return the remaining 90%. You made an opsec mistake, but it’s not too late to avoid escalating the situation."</p><p>The threat and "<button class="define-target" id="bug-bounty">bounty</button>" offer apparently worked, and the hacker returned $1.98&nbsp;million, keeping $220,000 as a so-called "greyhat bounty". "As the hacker has fulfilled their side of the agreement, we will not pursue the matter further," wrote Texture.</p>

Texture hack

$2.2&nbsp;million in user funds stolen from Texture; hacker returns 90%

In a seizure request filed by the DC Attorney General, the Justice Department outlined how a Nigerian scammer used the classic "lowercase Ls look like uppercase Is" trick to steal $250,000 — apparently from the MoonPay crypto exchange. Using the email address steve_witkoff@t47<b>l</b>naugural.com, the scammer directed "Ivan &amp; Mouna" to deposit $250,000 in Tether to a specified wallet address. Mouna then replies to confirm the transaction, providing a link to a blockchain explorer. The FBI was only able to recover around 16% of the stolen funds, issuing seizure requests to Tether and Binance that regained control of $40,353.<p>As it happens, "Ivan &amp; Mouna" match the names of MoonPay CEO Ivan Soto-Wright and CFO Mouna Siala. The crypto address used to send the transaction also appears to be one of MoonPay's company crypto wallets.</p><p>MoonPay had told <i>Fox Business</i> shortly before the transaction that they intended to contribute an undisclosed amount to the Trump inaugural fund.</p><p>Only weeks after the botched donation, MoonPay was selected as a payment processor for Trump's $TRUMP memecoin.</p>

"The DOJ Seemingly Outed Top Crypto Executives as Falling for a Nigerian Crypto Scam"

 in <i>US v. Approximately 40,353 USDT.ETH Cryptocurrency</i>

Event	Date	Amount More info	Recovered More info
GMX hack	July 9, 2025	$42,000,000	$40,500,000
BigONE hack	July 16, 2025	$27,000,000
Arcadia Finance exploit	July 15, 2025	$3,500,000
Texture hack	July 9, 2025	$2,200,000	$1,980,000
MoonPay donation scam	July 11, 2025	$250,000	$40,353