A major exploit just hit #GMX — one of the top decentralized trading platforms.
What happened?
The attacker used a smart contract trick (re-entrancy exploit) on GMX V1's GLP vault on Arbitrum. This allowed them to mint tokens unfairly and drain over $42 million worth of crypto including $BTC $USDT $USDC UNI, and LINK.
Around $9.6M has already been bridged to #Ethereum
As a safety step, GMX has paused GLP minting and trading on V1 (Arbitrum + Avalanche). V2 is safe for now.
GMX is now offering a 10% bounty (over $4M!) to the hacker if they return the funds within 48 hours.
GMX token took a heavy hit — price is down over 25% today.
What this means for you:
🔹 If you’re using GMX V1 — avoid any new activity until updates are out.
🔹 V2 is unaffected, but always be cautious during exploit periods.
🔹 This is a reminder: even top DeFi platforms aren’t risk-free.
We’ll keep tracking the situation.
Stay safe out there.
