Top perps DEX GMX hacked for over $40m, $GMX token plunges

Discover the newest traits within the Web3 area. This article dives into: “Top perps DEX GMX hacked for over $40m, $GMX token plunges”.

Key Takeaways

• GMX decentralized alternate suffered a reported safety breach leading to a $42 million loss.
• A re-entrancy vulnerability allowed the irregular minting of GLP tokens throughout the exploit.

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One of the highest decentralized perpetual exchanges, GMX, seems to have fallen sufferer to an exploit that drained greater than $40 million and triggered a sudden decline within the worth of its native token, as reported by blockchain safety entity PeckShield.

According to knowledge from DeBank first flagged by quite a few X customers, the suspected menace actor might have employed a re-entrancy exploit to abnormally mint GLP, the platform’s liquidity token. The incident is now below scrutiny.

The attacker’s wallet presently holds over $32 million price of Arbitrum and round $9.5 million in Ethereum.

GMX has but to challenge an official assertion. However, knowledge reveals that the crew despatched an on-chain message to the attacker, providing a ten% white-hat bounty in alternate for the return of the stolen funds.

The GMX token plunged from $14 to $12 following the incident, per CoinGecko knowledge.

This is a creating story. Please come again for additional updates.

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