🚨 $GMX Exploit.$42M Stolen Token Tanks 20%+

On July 9, GMX was hacked for $42 million, crashing the token from $14.42 → $10.30. The exploit targeted GLP pools on Arbitrum V1, not GMX V2.

🧠 Exploit Details:

A flaw in GMX’s GLP pricing mechanism let the attacker drain funds. GMX has paused GLP trading on V1 and offered a $4.2M bounty (10%) for the return of the funds no legal consequences if returned.

📉 Price Impact & Outlook:

• GMX dumped 20% but showed a mild bounce.

• Volatility is extreme scalpers beware.

• If funds return, a quick recovery is possible.

• GMX V2 remains unaffected long-term holders may stay.

🔥 Community Reaction:

• Mixed: Some applaud the quick response, others blame poor code audits.

• Calls for better DeFi security and stricter auditing are growing.

• Regulators are likely watching this closely.

⚠️ Takeaway:

Even top DeFi platforms aren’t safe. Stay sharp. Watch for recovery signs but don’t FOMO blindly. Trust takes time to rebuild.