$40M lost! – All about GMX’s V1 hack and what to watch out for

Key Points

1. GMX confirmed a major security breach in its GMX V1 GLP pool on Arbitrum, resulting in a $40M loss, while GMX V2 and other markets remain unaffected.

2. The exploit has led to the pausing of smart contracts across supported networks, with GMX's team actively monitoring the attacker’s movements.

3. 2025 has seen a surge in crypto-related attacks, with losses exceeding $2.5 billion in the first half, including a $1.4 billion attack on Bybit.

4. State-backed actors, such as North Korean hackers, have expanded their reach into crypto, prompting DeFi platforms to adjust risk management strategies.

5. Users are advised to follow official GMX channels for updates and avoid interacting with unofficial links to prevent phishing scams.