Decentralized Finance (DeFi) platform GMX has been hacked for $42 million, with concerns growing that the widely forked codebase may lead to repeat attacks. Stablecoin issuer Circle came under fire for what was seen as a slow response to the incident, after it missed its chance to freeze a significant portion of the stolen funds.
Various observers on X have pointed out the lack of action from USDC issuer Circle, which could have blacklisted the hacker’s address and frozen over $9 million of stolen funds. The exploiter even used Circle’s own bridging tool to move 8 million USDC between the Arbitrum and Ethereum blockchains in order to swap it for the unfreezable DAI.