Schlagwort: crypto business

• At the time of writing, the total amount returned to GMX stood at approximately $20 million.
• GMX acknowledged the technical sophistication of the exploit and issued a $5 million bounty for the return of funds.
• The attacker reportedly manipulated the price of GLP tokens, draining a variety of crypto assets from the platform.

The attacker who exploited a vulnerability in the GMX v1 decentralised exchange and stole approximately $40 million in crypto has begun returning the stolen assets after accepting a bounty offered by the GMX team.

According to blockchain security firm PeckShield, the hacker sent an on-chain message acknowledging the bounty and indicating willingness to cooperate.

“Ok, funds will be returned later,” the exploiter wrote in a blockchain transaction, referencing the terms outlined by GMX for a partial return of the stolen funds.

The hacker starts transferring funds back

Less than an hour after the message was broadcast, the attacker began transferring funds back to the address specified by GMX.

PeckShield reported that about $9 million in Ether (ETH) was sent to the team.

The Ethereum address used in the transaction has been labelled GMX Exploiter 2 on blockchain tracking platforms.

PeckShield also flagged two separate transfers of FRAX stablecoins, with the attacker returning $5.5 million in one transaction and an additional $5 million later.

At the time of writing, the total amount returned to GMX stood at approximately $20 million, representing half of the stolen assets.

The original exploit, which occurred on Wednesday, targeted a liquidity pool on GMX v1, a perpetual trading protocol deployed on the Arbitrum Layer 2 network.

The attacker reportedly manipulated the price of GLP tokens, draining a variety of crypto assets from the platform by exploiting a design flaw in the protocol.

GMX offered $5 million white hat bounty

In response to the breach, GMX acknowledged the technical sophistication of the exploit and issued a $5 million bounty for the return of funds.

In a post on X (formerly Twitter), the GMX team addressed the hacker directly, offering the bounty under a “white hat” classification, which would allow the attacker to spend the funds legally if the bulk of the assets were returned.

“You’ve successfully executed the exploit; your abilities in doing so are evident to anyone looking into the exploit transactions,” GMX wrote. “The white hat bug bounty of $5 million continues to be available.”

The team emphasized that the bounty was intended to eliminate legal and practical risks associated with using stolen crypto.

GMX also offered to provide proof of the source of funds if needed, enabling the exploiter to pass compliance checks or audits.

In addition to the public bounty, the GMX team issued an on-chain ultimatum, stating that legal action would be pursued within 48 hours if the funds were not returned.

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• US spot Bitcoin ETFs attracted $1.18 billion in net inflows.
• Ether spot ETFs also posted their second-highest daily inflow, drawing $383.1 million.
• Cumulatively, over the six trading sessions starting July 2, total net inflows across all BTC ETF issuers stood at $2.69 billion.

Bitcoin and Ether-themed exchange-traded funds saw a surge in investor interest on Thursday, recording their second-largest daily inflows since inception, as both cryptocurrencies rallied to new highs.

US spot Bitcoin ETFs attracted $1.18 billion in net inflows.

The spike in inflows came as Bitcoin surpassed $113,800, continuing its upward trajectory into Friday.

The only day to register higher inflows was November 7, 2024 — the day Donald Trump won the US presidential election — when Bitcoin ETFs saw $1.37 billion in inflows.

Ether spot ETFs also posted their second-highest daily inflow, drawing $383.1 million.

BlackRock’s iShares Ethereum Trust (ETHA) accounted for the bulk of that total with $300.9 million, its highest single-day inflow to date.

BTC ETF inflows see sixth consecutive day of inflows

Bitcoin spot ETFs recorded massive inflows on July 10, with net additions hitting $1.18 billion—the strongest single-day showing in over a month.

Date	IBIT	FBTC	BITB	ARKB	BTCO	EZBC	BRRR	HODL	BTCW	GBTC	BTC	Total
02 Jul 2025	0.0	184.0	64.9	83.0	9.9	9.5	0.0	5.4	0.0	34.6	16.5	407.8
03 Jul 2025	224.5	237.1	15.5	114.2	0.0	0.0	0.0	4.7	0.0	0.0	5.8	601.8
07 Jul 2025	164.6	66.0	0.0	(10.1)	0.0	0.0	0.0	0.0	0.0	(10.2)	6.2	216.5
08 Jul 2025	66.8	4.8	0.0	0.0	0.0	0.0	0.0	3.7	0.0	0.0	4.8	80.1
09 Jul 2025	125.6	4.8	3.0	57.0	9.5	0.0	0.0	0.0	0.0	15.8	0.0	215.7
10 Jul 2025	448.5	324.3	77.2	268.7	0.0	0.0	0.0	15.2	0.0	(40.2)	81.9	1,175.6

BlackRock’s IBIT led with $448.5 million, followed by Fidelity’s FBTC at $324.3 million and Ark’s ARKB at $268.7 million.

Bitwise and VanEck also contributed, while Grayscale’s GBTC continued to see outflows, shedding $40.2 million.

Cumulatively, over the six trading sessions starting July 2, total net inflows across all issuers stood at $2.69 billion.

The sustained buying reflects renewed institutional demand for Bitcoin exposure through regulated ETF products, amid improving sentiment in the broader crypto market.

Ether ETFs continue to attract interest

Ethereum ETFs saw a sharp uptick in inflows over the past week, culminating in a record $383.1 million on July 10—the highest daily total this month.

Date	ETHA	FETH	ETHW	CETH	ETHV	QETH	EZET	ETHE	ETH	Total
03 Jul 2025	85.4	64.6	0.0	0.0	0.0	0.0	0.0	(5.4)	3.9	148.5
07 Jul 2025	53.2	8.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	62.1
08 Jul 2025	25.3	(0.7)	4.9	0.0	0.0	0.0	0.0	7.9	9.3	46.7
09 Jul 2025	158.6	29.5	0.0	0.0	0.0	5.2	0.0	18.0	0.0	211.3
10 Jul 2025	300.9	37.3	3.2	0.0	2.1	0.0	0.0	18.9	20.7	383.1

BlackRock’s ETHA led with \$300.9 million, while Fidelity and Grayscale added $37.3 million and $18.9 million, respectively.

Cumulative inflows from July 3 to July 10 amounted to $851.7 million, reflecting a clear return of investor interest.

Notably, July 9 and 10 together contributed nearly 70% of this total.

The sustained buying aligns with Ethereum’s price crossing $3,000, supported by broader crypto momentum and renewed institutional demand via ETF products.

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• Omni Network’s price soared 190% from $1.43 to $5.50.
• The token’s trading volume spiked 5,200% to $749 million, driven by Bitcoin’s breakout to a new all-time high above $118,000.
• Analysts say the altcoin season is looming, which could see the OMNI price eye $10 next.

Omni Network surged a staggering 190% in a single day as the cryptocurrency market experienced a seismic shift, with Bitcoin smashing through $118,000 for another record high.

Bitcoin’s gains saw the global crypto market capitalisation climb 6.2% to over $3.68 trillion.

Meanwhile, an explosive rally across crypto saw $1.2 billion in liquidations.

As OMNI eyes gain, there’s speculation of an impending altcoin season, and price may add on the surge to $5.40 seen earlier in the day.

OMNI explodes, price nearly doubles

Omni Network is a layer-1 blockchain focused on interoperability and has captured market attention with a staggering 190% price surge in the past 24 hours.

The token skyrocketed from a low of $1.43 to an intraday high of $5.40, reflecting intense buying pressure.

Notably, the altcoin’s trading volume exploded by 5,200%, reaching over $749 million.

This came as investors piled into the token amid the broader market rally.

Omni Network’s growing relevance in the decentralized finance ecosystem helped bulls.

Altcoin season?

The broader crypto market continued its rally alongside Bitcoin, with total market capitalisation climbing to $3.68 trillion—a 6.2% increase over the past 24 hours.

Altcoins posted strong gains, led by Sei and Ethena, each up 20%, and Cardano, which rose 11%.

The moves suggest a rotation of capital within the ecosystem, fueling speculation that a broader altcoin season may be underway.

Arthur Hayes, former CEO of BitMEX, said the market appears to be on the verge of an altcoin cycle.

He cited Bitcoin’s rise on strong volume and referenced geopolitical developments, including Trump’s stance on tariffs, as contributing factors.

The bullish momentum is being supported by continued institutional inflows, reduced supply as investors move Bitcoin off exchanges, and growing interest in altcoins.

As Bitcoin approaches the $120,000 mark, other major tokens like Ethereum, XRP, and Solana are also showing signs of accelerating upward.

Projects such as Omni Network could also benefit from renewed altcoin interest as sentiment across the sector improves.

Omni Network price prediction

While the token remains well off its all-time high of $29.93, it’s up more than 230% since touching its all-time low of $1.37 reached on July 6, 2025.

From a technical point of view, the RSI on the daily chart sits at 84, suggesting the OMNI token is deeply overbought.

In this case, there’s potential for profit-taking, a risk that has cut across the market given recent gains.

However, the MACD suggests bulls still have room for growth with the histogram rising.

If buying pressure holds in the coming months, the OMNI price could target $10 next.

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• Kinto’s $K token plunged 99% after the Arbitrum mint contract exploit.
• Hacker minted 7M tokens and drained USDC via the Morpho lending platform.
• Kinto says user funds are safe and a full investigation is underway.

Kinto Network has suffered a severe blow after a smart contract exploit linked to its Arbitrum deployment, leading to the collapse of the K token’s value.

Within just 24 hours, the price of the $K token plummeted by over 99%, shocking investors and triggering a wave of uncertainty across the decentralised finance (DeFi) space.

The breach, which originated from a minting contract on Arbitrum and not the Kinto mainnet itself, enabled the unauthorised creation of millions of tokens, ultimately undermining trust in the project’s token economy.

The exploit originated off the Kinto Network

Kinto confirmed that the exploit occurred off-network, specifically on the Arbitrum version of the K token’s mint contract, which had not been adequately secured against unauthorised minting.

Although the main Kinto network, wallets, and bridge vaults remained unaffected, the attacker managed to mint nearly 7 million K tokens—more than three times the previously circulating supply of fewer than 2 million tokens.

According to early on-chain analysis, the malicious actor did not immediately dump the tokens on public exchanges but instead began to slowly manipulate the market to maximise the token’s apparent value.

This stealthy approach allowed the attacker to use the inflated token price as leverage on Morpho, a DeFi lending platform, where they deposited the newly minted tokens as collateral.

Shortly after, the hacker borrowed large sums of USDC and subsequently withdrew the funds, leaving the protocol and the broader market exposed to significant losses.

Morpho Protocol has been left holding worthless tokens

One of the most significant aftershocks of the exploit is the collateral damage inflicted on Morpho, the protocol where the attacker deposited the inflated $K tokens.

With the token’s value now decimated, Morpho is left holding tokens that are essentially worthless, raising concerns about how the platform will manage the bad debt and mitigate the financial hit.

This event underscores the systemic risks associated with DeFi platforms that rely heavily on collateralized assets whose value can be manipulated.

Although Kinto has not disclosed how much USDC was drained from Morpho, recovery efforts are reportedly ongoing.

The rapid K price decline has sparked panic

In just one hour after the exploit on Thursday, the K token’s value collapsed by 45%, sparking a rapid selloff that wiped out more than 99% of its value in total by Friday.

The token, which had reached an all-time high of $11.89 in late March 2025, hit a new all-time low of $0.4854 according to CoinMarketCap data.

At the time of writing, the token is trading at $0.7053, down over 99.15% from its peak just three months ago, with a market cap of approximately $1.29 million.

Trading volume had surged to over $2.72 million in 24 hours as investors rushed to exit positions, further exacerbating the collapse.

Kinto has engaged third parties to investigate the exploit

Following the exploit, Kinto quickly issued a public statement, assuring users that their mainnet funds and bridge vaults were not affected.

However, the company acknowledged the seriousness of the incident and has since brought in third-party security experts, including Hypernative, Seal 911, Venn, and Zeroshadow, to investigate the exploit and assist with recovery efforts.

Kinto community. We are looking into the situation ourselves and with third parties (Hypernative, Seal 911) – as soon as we have a clear picture of what has happened we will make an announcement.

— Kinto (@KintoXYZ) July 10, 2025

Kinto has pledged full transparency and is expected to release a comprehensive report once the investigation concludes.

Despite the assurance, market confidence remains shaken, with users on social media criticising the project’s contract design and the apparent lack of rigorous security audits.

Some community members expressed frustration with what they view as a pattern of poorly vetted DeFi projects harming retail investors.

While Kinto has stated that no insiders sold tokens during the crash and that token unlocks remain scheduled for April 2026, speculation continues to swirl around whether the exploit could have been prevented.

The project’s future now hinges on how effectively it can regain trust, patch security vulnerabilities, and recover lost value.

Until then, the $K token will likely remain volatile, as traders weigh the risks of staying in a project shaken to its core by a devastating exploit.

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