The decentralized cryptocurrency exchange GMX announced a compensation plan for users affected by a $44 million hack that occurred in early July 2025. The incident, caused by a vulnerability in the GMX V1 protocol on the Arbitrum network, sparked significant resonance in the crypto community. The hacker returned part of the funds for a reward of $5 million, allowing the exchange to develop a recovery strategy.
Compensations will be made through new GLV tokens, which will replace the compromised GLP pool. Users will receive payouts at a 1:1 ratio, with the distribution of GLV tokens [$BTC -$USDC ] and GLV [WETH-USDC], backed by WBTC, $ETH , stablecoins, and $2 million from the DAO reserve. The total compensation amount reaches $44 million, and an additional fund of $500,000 has been created to incentivize those who will hold GLV for three months.
The DAO voting approved this plan, demonstrating GMX's efforts to restore trust. The V2 platform continues to operate smoothly, unaffected by the attack. Users can submit claims through the GMX dApp.
Experts note that this approach may strengthen the exchange's reputation but emphasize the need to enhance security. Discussions are ongoing, and implementation details are still being clarified.
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