The security incident at GMX V1 on Arbitrum caused approximately 40 million USD Tokens to be transferred to unknown wallets.

GMX affirms that security is always a top priority and is collaborating with security partners to investigate the cause, while temporarily suspending trading and related activities with GLP on GMX V1 to prevent the risk of widespread damage.

MAIN CONTENT

  • GMX V1 on Arbitrum encountered a security incident, resulting in 40 million USD Tokens being withdrawn from the GLP pool.

  • GMX temporarily suspends trading and minting/redemption of GLP on version V1 to protect users.

  • The incident does not affect GMX V2 and GMX Token, a detailed report will be published later.

How did the GMX V1 security incident occur?

GMX confirms that the GLP pool on version V1 was attacked exploiting a security vulnerability leading to the transfer of 40 million USD Tokens to unidentified wallets. Developers and security partners are urgently investigating to clarify the cause.

The incident only affects GMX V1, the GMX V2 version remains safe and unaffected according to information from the GMX management team. According to the CEO of GMX, user safety is always a priority, so immediate preventive actions have been implemented.

The incident at GMX V1 serves as an important reminder of the need to continuously enhance security in our commitment to serving the cryptocurrency community. We are closely collaborating with experts to thoroughly address this issue.

– CEO of GMX, July 2024

What measures does GMX have to control risks after the incident?

Immediately after discovering the vulnerability, GMX suspended all trading on GMX V1 and halted the issuance and redemption of GLP Tokens to contain the risk of widespread damage. This reflects a serious commitment to protecting user liquidity and assets.

In addition, the technical team and security partners are conducting a thorough review to identify system weaknesses, ensuring no vulnerabilities are overlooked before resuming operations. This is a strict standard implemented in the cryptocurrency industry to keep the network safe.

Why are GMX V2 and GMX Token unaffected?

GMX V2 is built on an upgraded security platform and is completely separate from GMX V1, so the incident does not affect the contracts and Tokens serving on this new version. This has been confirmed by the technical team through rigorous testing.

Clearly separating the two versions and applying new security mechanisms for V2 is a key factor in minimizing risks when incidents occur on the old system.

GMX V2 represents a step forward in security and performance, evidenced by its lack of impact following the GMX V1 incident. This is a strong commitment to our users.

– Head of Technical Department GMX, July 2024

What information does GMX plan to disclose in the detailed report?

The final report will include a technical analysis of the cause of the vulnerability, detailed impact on the system, remediation measures, and recommendations to enhance security in the future. The goal is transparency and regaining community trust.

Information will be updated timely and comprehensively to help users understand the situation and the next steps of GMX in protecting digital assets.

Comparison table of the impact of the incident between GMX V1 and GMX V2

Criteria GMX V1 GMX V2 Security vulnerability Yes, leading to a loss of 40 million USD Tokens No, the system is safe Impact on Tokens GLP pool affected Not affected Trading status Trading and mint/redeem GLP suspended Normal operation Remediation measures Investigation and security upgrade Ongoing implementation

Frequently Asked Questions

How does the security incident affect GMX users?

The incident caused approximately 40 million USD Tokens on GMX V1 to be transferred to unidentified wallets, however, GMX has suspended trading to protect user assets.

What actions has GMX taken to control the incident?

GMX has suspended trading on V1 and halted minting/redemption of GLP, while coordinating with security partners to investigate and rectify.

Is GMX V2 affected by this vulnerability?

GMX V2 and GMX Token remain safe, as this platform is separate and has upgraded security compared to V1.

When will the detailed report on the incident be published?

GMX will release a report analyzing the causes and remediation measures as soon as possible to ensure transparency for the community.

What should users do to protect their assets after the incident?

Users should monitor official information from GMX, avoid trading on GMX V1 until further notice, and secure their personal wallets.

Source: https://tintucbitcoin.com/gmx-tam-ngung-glp-bi-khoa-mat-40-trieu-usd/

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