Crypto hackers lift $42m from GMX’s Arbitrum liquidity pool in broad daylight
2025-07-09 19:09:26
Main Idea
GMX's V1 GLP pool was exploited for over $40 million, raising concerns about the effectiveness of audits and the security of decentralized leverage markets.
Key Points
1. GMX confirmed its V1 GLP pool on Arbitrum was exploited, resulting in a loss of over $40 million in various assets.
2. The exploit involved manipulating the protocol's leverage mechanism to mint excessive GLP tokens without proper collateral.
3. Audits by top firms failed to prevent the breach, despite proactive safeguards like a $5 million bug bounty program.
4. The attack raises questions about the reliability of audit-driven security in DeFi, especially for mature protocols like GMX.
5. GMX clarified that the breach was isolated to V1 and did not affect GMX V2, its token, or other associated markets.
Description
Despite layers of scrutiny, GMX’s V1 GLP pool was hacked for over $40 million in a brazen exploit. With leverage functions now frozen, traders are left wondering: How did audited contracts crack? And what does this mean for DeFi’s perpetual trading future? On July 9, on-chain perpetual and spot exchange GMX confirmed that its V1 GLP pool on Arbitrum had been exploited, with over $40 million worth of assorted tokens siphoned into an unknown wallet in a single transaction. The attack, which appear...
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