GMX crypto worth outlook after workforce explains $40m hack

Uncover insights within the NFT house. This article dives into: “GMX crypto price outlook after team explains $40m hack”.

The GMX crypto token nosedived on July 9 after the favored perpetual trade on Avalanche and Arbitrum was hacked.

GMX (GMX) token plunged to a low of $10.20, its lowest degree since April 7. The token has dropped almost 40% from its July excessive and is now down 76% from its November peak.

In an X submit, the GMX workforce confirmed that GMX V1 on Arbitrum had been exploited. Hackers drained roughly $40 million value of tokens from the GLP pool into an unknown wallet. In response, the protocol paused buying and selling on V1 and halted the minting of GLP tokens.

In a follow-up assertion, builders attributed the basis reason for the exploit to how the quick common worth was calculated in GMX V1. As a precaution, in addition they suspended the mining of latest tokens on GMX V2.

Separately, blockchain safety agency SlowMist acknowledged that the exploit stemmed from a flaw in GMX’s pricing mechanism.

In it, quick place operations instantly replace the worldwide quick common costs, which then influence the calculation of the property underneath administration. As a outcome, this vulnerability permits the manipulation of the GLP token pricing. The assertion added:

“Through a reentrancy attack, they successfully established massive short positions to manipulate the global average prices, artificially inflating GLP prices within a single transaction and profiting through redemption operations.”

GMX was a significant participant within the perpetual trade trade previously till corporations like Hyperliquid and Jupiter disrupted it. Still, its community handles tens of millions of {dollars} in quantity every day. According to DeFi Llama, it dealt with transactions value $179 million within the final 24 hours and $6.4 billion within the final 30 days. 

GMX now joins a rising record of exploited platforms in 2025. Bybit suffered an Ethereum (ETH) -related exploit, Coinbase reportedly misplaced between $180 million and $400 million, and Cetus Protocol was drained for $223 million.

GMX crypto worth evaluation

GMX worth chart | Source: crypto.information

The every day chart reveals that GMX peaked at $18.11 in June earlier than reversing sharply. That native excessive aligned with the 23.6% Fibonacci retracement degree.

Since then, the token has damaged beneath key help at $12.63, a degree that beforehand held on May 6 and June 23. GMX additionally fell beneath each the 50-day and 100-day shifting averages, additional reinforcing bearish momentum.

The path of least resistance now factors decrease. The subsequent goal for sellers is the year-to-date low of $9.70. A break beneath that degree would open the door to additional draw back, probably towards $8.

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