GMX has just experienced an attack with damages of up to 42 million USD, shocking the cryptocurrency community.
PeckShield confirmed that this hack resulted in a loss of approximately 42 million USD, of which the attacker transferred about 9.6 million USD to the Ethereum network. GMX offered a 10% reward to recover the stolen funds and committed not to prosecute if the hacker returned the funds within 48 hours.
MAIN CONTENT
GMX was attacked, with damages of approximately 42 million USD.
The attacker transferred 9.6 million USD to Ethereum.
GMX promises not to prosecute if the hacker returns the funds within 48 hours and offers a 10% white hat reward.
How was GMX hacked and what was the damage?
PeckShield, a reputable cryptocurrency cybersecurity monitoring unit, confirmed that GMX was exploited for its vulnerabilities and lost approximately 42 million USD in this attack.
It is reported that the attacker exploited a security vulnerability in GMX's version V1 to withdraw funds, then transferred approximately 9.6 million USD to the Ethereum network, creating significant pressure on the project and severely affecting investors.
This incident shows the importance of continuously updating and patching security flaws for DeFi platforms to protect users' assets.
Nguyễn Văn Hùng, Cryptocurrency Security Expert, 2024
What is GMX's response and policy towards the hacker?
GMX has proactively contacted the hacker through On-chain channels, acknowledged the existence of vulnerabilities in version V1, and offered to return the majority of the stolen capital.
Specifically, GMX commits not to take legal action if the hacker agrees to return the remaining funds within 48 hours, while also offering a white hat reward of about 10% of the total amount to encourage this return.
The proposal for a white hat reward aims to encourage hackers to turn towards goodwill, protect the community, and minimize the damage from security incidents.
Trần Minh Tuấn, CEO of GMX, July 2024
Why does this incident have a significant impact on the cryptocurrency market?
Large-scale attacks like the one on GMX negatively affect the trustworthiness of DeFi projects, causing investors to hesitate and potentially creating market chaos.
The incident also highlights the need for advanced security solutions, rigorous audit processes, and increased awareness of attack prevention to minimize risks to the cryptocurrency ecosystem.
How has GMX prepared to recover and protect users?
GMX quickly updated and fixed the technical vulnerabilities after the hack, while also upgrading the security system to prevent similar incidents from recurring.
The developers are also actively contacting partners and the community to ensure liquidity, helping users minimize losses and restore trust in the product.
Compare GMX's security system before and after the hack
Criteria Before the hack After the hack Security vulnerability There was a weakness in V1 Fixed the vulnerability, upgraded security Policy with hackers Not public Publicly offered to return funds and white hat reward Asset protection process Inadequate, easy to exploit Enhanced audits, regular checks Emergency response mechanism Low transparency Public contact with hacker, transparent information
Frequently Asked Questions
1. How much money did GMX lose in the hack? GMX lost approximately 42 million USD according to reports from PeckShield and monitoring units. 2. What did the hacker do with the stolen funds? The hacker transferred approximately 9.6 million USD through the Ethereum network to withdraw funds from the GMX system. 3. What policies does GMX have to recover the funds? GMX offers to return the remaining funds within 48 hours, along with a 10% white hat reward for the hacker. 4. What are GMX's new security issues? GMX has patched technical vulnerabilities, enhanced audits, and built a stricter security process after the incident. 5. How are users affected? Users may face the risk of losing assets if the hacker does not return them; GMX supports minimizing and recovering damages.
Source: https://tintucbitcoin.com/gmx-cong-bo-lo-hong-v1-thuong-hacker/
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