GMX Hack Exploits GLP Token Vulnerability, Potential Partial Recovery of Stolen Ethereum
2025-07-11 11:46:47
Main Idea
GMX decentralized exchange suffered a $42 million re-entrancy exploit, prompting community and security firms to mobilize for fund recovery and highlighting vulnerabilities in DeFi security.
Key Points
1. GMX experienced a re-entrancy exploit resulting in a $42 million loss, with stolen funds converted to 11,700 ETH.
2. The GMX team suspended trading and offered a 10% white hat bounty to incentivize the return of stolen assets.
3. Blockchain security firms like PeckShield monitored the hacker’s wallet movements to aid recovery efforts.
4. The exploit led to a decline in GMX’s total value locked (TVL) and raised concerns about DeFi security vulnerabilities.
5. The incident underscores the need for improved security measures such as code audits and real-time monitoring in DeFi platforms.
Description
The recent GMX hack exploited a critical vulnerability in the GLP token, resulting in a substantial $42 million loss converted into Ethereum. This sophisticated re-entrancy attack exposed significant security gaps
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