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Decentralized trading platform GMX suffered a $42 million exploit, with the hacker converting most of the stolen funds into 11,700 ETH. The breach targeted GMX V1’s GLP pool, leaving V2 unaffected. GMX has offered a white-hat bounty for the return of the remaining funds.
- The GMX V1 exploit involved a re-entrancy attack, manipulating GLP token prices through a design flaw.
- GMX paused GLP minting/redemption on Arbitrum and Avalanche to prevent further losses.
- SlowMist identified the attack method, linking it to leverage function abuse during order execution.
📎 Related coverage from: cryptopotato.com