🚨 $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.
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