$GMX 𝐋𝐨𝐬𝐞𝐬 $𝟒𝟐𝐌 𝐢𝐧 𝐇𝐚𝐜𝐤 𝐖𝐡𝐚𝐭 𝐘𝐨𝐮 𝐍𝐞𝐞𝐝 𝐭𝐨 𝐊𝐧𝐨𝐰......

On July 9, 2025, $GMX a popular decentralized trading app was hacked. The attacker found a bug in the system that let them drain $42 million from GMX’s older platform (Version 1), specifically through its GLP liquidity pools on Arbitrum. As news spread, GMX’s token dropped sharply from $14.42 to $10.30.

Here’s the simple breakdown:

What went wrong? A pricing flaw in GLP allowed the hacker to manipulate trades and steal funds.

What did GMX do? They shut down trading on the affected version and are offering the hacker a $4.2 million reward to return the rest no legal punishment if they cooperate.

Good news? GMX Version 2 is safe and wasn’t affected.

For Traders:

Prices are jumping up and down fast be cautious.

There might be quick-profit chances, but they come with high risk.

If funds are returned, the token could bounce back.

What People Are Saying:

Some say GMX acted quickly, others blame them for missing the bug.

This hack is making investors think twice about DeFi security.

Experts now expect tighter security rules and more audits going forward.

Bottom Line: Even top DeFi platforms can be attacked. Don’t invest blindly check updates, know the risks, and watch how GMX handles things from here. Trust is hard to win back, but their next steps will be key.