Blockchain security company PeckShield has reported that hackers have stolen approximately $42 million from the decentralized perpetuals exchange GMX. The exploit involved transferring $9 million of the stolen funds to the Ethereum network from Arbitrum.
According to a post on X, PeckShield stated, “GMX has been exploited for ~$42 million. The exploiter has bridged ~$9.6 million worth of cryptos to Ethereum.” GMX confirmed the hack on its X account, revealing that its Arbitrum-based liquidity pool was drained of $40 million, which was then sent to an unknown wallet.
GMX stated, “The GLP pool of GMX V1 on Arbitrum has experienced an exploit. Approximately $40 million in tokens has been transferred from the GLP pool to an unknown wallet. Trading on GMX V1, and the minting and redeeming of GLP, have been disabled on both Arbitrum and Avalanche to prevent any further attack vectors and protect users from additional negative impacts.”
The investigation is ongoing, but GMX assured users that the hack’s impact was limited to GMX V1. GMX V2, its markets, liquidity pools, and the GMX token itself remain uncompromised.
Following the hack, the price of GMX plummeted from its weekly high of $14.44 to $10.77 at the time of writing, marking a decrease of over 22% in the last 24 hours.
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