GMX is suspected to have lost about 40 million USD in a cross-chain attack.
The attacker converted assets from USDC to ETH and then continued to exchange for DAI, causing significant damage to this platform.
MAIN CONTENT
GMX lost about 40 million USD through a cross-chain attack.
The attacker converted assets from USDC to ETH and finally to DAI.
The incident reflects risks in cross-chain trading and token conversion.
How much assets did GMX lose in the attack?
Based on a report from defiprime on July 9, GMX lost about 40 million USD due to the cross-chain attack. This shows the severity and large scale of the incident, directly affecting the project's reputation and finances.
This damage figure has been confirmed by many cybersecurity and blockchain experts, marking one of the largest coin loss incidents in the recent DeFi ecosystem.
What actions did the attacker take with the stolen assets?
Notably, the bad actor converted the assets obtained from USDC to Ethereum, then continued to exchange for DAI to obscure the trail and increase liquidity for the stolen assets. This process highlights the complexity and high skill level involved in cross-chain attacks.
“The continuous conversion of assets between different cryptocurrencies is a common tactic for money laundering in DeFi, making traceability much more difficult.”
James Li, Blockchain Security Expert, 2024
How does this incident affect awareness of security in the cryptocurrency field?
The incident highlighted the existing vulnerabilities in many DeFi protocols when handling complex cross-chain transactions. Experts warn that platforms lacking adequate protective mechanisms can easily become targets for similar attacks.
Chainalysis statistics in 2023 show that hacks related to cross-chain conversions account for more than 30% of the total value lost in the cryptocurrency sector, highlighting urgent cybersecurity warnings.
Are there any solutions to help mitigate similar risks?
The application of strict, multi-layer security testing processes, along with real-time transaction monitoring technology, is recommended by experts to enhance safety for the complex DeFi ecosystems today. Platforms should also establish insurance mechanisms to minimize financial impacts when incidents occur.
A comparison table of popular security measures in DeFi today
Measure Description Advantages Limitations Smart contract audit Technical inspection, finding bugs in the Smart Contract source code Detecting bugs before deployment, reducing hack risks High costs, requires experienced experts On-chain transaction monitoring Monitoring cash flow and unusual trading behavior Early detection of suspicious actions, timely alerts Requires complex data analysis technology DeFi insurance mechanism Protecting users through insurance funds and smart contracts Reducing financial damage when incidents occur Insurance costs increase service fees
Frequently asked questions
How much money did GMX lose in this incident?
What did the attacker do after obtaining the assets?
He converted from USDC to ETH and then swapped to DAI to increase liquidity and cover his tracks.
How does the attack affect the cryptocurrency community?
Raising concerns about the safety of cross-chain transactions and warning that security in DeFi needs to be enhanced.
What can users do to protect their assets?
Prioritize using audited platforms, monitor market trends, and do not share Private Keys.
What solutions can DeFi apply to prevent attacks?
Building multi-layer security, monitoring transactions, and creating insurance mechanisms to reduce losses when risks occur.
Source: https://tintucbitcoin.com/gmx-nghi-mat-40-trieu-usd/
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