GMX releases $40 million attack summary report: GMX DAO will discuss compensation measures
By: odaily.com|2025/07/11 00:12:43
0
Share
Odaily News GMX published a report on the X platform to summarize the reasons and follow-up measures for the attack of about $40 million on the Arbitrum chain on July 9 on GMX V1. It pointed out that after analysis by the security team, the attack originated from the reentrancy vulnerability of the OrderBook contract. Hackers used this vulnerability to manipulate the average short price of BTC, thereby significantly raising the price of GLP and arbitrage. The official has suspended transactions related to the Avalanche chain, confirmed that the V2 version is not affected, and will take measures such as disabling GLP casting and redemption and setting up a compensation pool. GMX reminds V1 fork projects to promptly repair similar risks.
Next step: Funding situation: There is about $3.6 million left in the GLP pool, which is reserved for open positions. The GLP fee for V1 on Arbitrum this week is about $500,000 (minus the 30% allocated to GMX stakers), which will be transferred to the DAO treasury for compensation. GLP minting and redemption on Arbitrum will be disabled (redemption disablement requires a 24-hour timelock). GLP minting on Avalanche is disabled, but the redemption function is retained. Enable V1 position closing on Arbitrum and Avalanche, and disable opening to prevent the vulnerability from recurring. Cancel V1 orders on Arbitrum and Avalanche. The remaining GLP funds on Arbitrum will be allocated to the compensation pool for use by affected GLP holders.
GMX DAO will discuss further compensation measures. It is recommended that all GMX V1 forks take immediate action and enable trading and minting of GLP-like tokens only after repairs and audits.
You may also like
Hyperliquid has stirred up Wall Street, with regulations uncertain and market makers fleeing first?
When Hyperliquid was still an experimental field, the benefits could be enjoyed at no cost, but once it began to intersect with traditional finance, Wall Street would inevitably push it into the regulatory game rules.
When Hyperliquid takes away Solana's "internet capital market" script
If Solana cannot regain its dominance in the derivatives space in the second half of 2026, it may still be an excellent Meme paradise, but it will only drift further away from the dream of "carrying global assets."
Base native leveraged prediction market OmenX officially launches on the mainnet
OmenX aims to further push the prediction market experience towards a trading platform. Users can establish leveraged positions around event outcomes and make purchases, sales, and position adjustments before the event concludes, thereby expressing market views, managing risks, and participating in ...
WEEX Labs Co-Hosts ETHMilan 26 Openguin Party: Rooftop AI Trading Calling
Join WEEX Labs, Pudgy Penguins, and Berachain at ETHMilan 26 Openguin Party in Milan, a must-attend web3 event in Europe recently. Exclusive rooftop event with AI trading competition, exclusive merch, and top-tier networking.
Best Crypto Staking Platforms 2026: Is XRP Staking Really Worth It?
Whether you're eyeing XRP staking, Solana yields, or just wondering if staking crypto is worth the risk. This guide breaks down the real numbers, the best platforms, and what to watch out for in 2026.
Circle: From Issuance to Infrastructure
Circle is attempting to transform from a single-layer company into a full-stack financial platform that can operate and derive value across multiple layers of the payment stack.
Capital Markets: How will independent agents obtain financing?
Agents are becoming real companies: signing contracts, opening accounts, taking orders, and sharing profits. When ten thousand such companies are operating simultaneously, who will lend to them? How do they obtain financing?
Morning News | AEON completes $8 million Pre-Seed round financing led by YZi Labs; Goldman Sachs liquidates XRP and Solana ETF holdings in Q1; Strategy increased its holdings by 24,869 BTC last week
Overview of Important Market Events on May 18
Cross-border payment giant Wise lands on Nasdaq
Wise's listing on Nasdaq is not just a relocation of its stock market; it is also a repositioning of a cross-border payment company transitioning from a low-cost remittance tool to a global financial services network.
a16z Crypto: How should crypto entrepreneurs understand the CLARITY Act?
On May 14, the U.S. Senate Banking Committee passed the CLARITY Act with bipartisan support. The act clarifies the division of responsibilities between the SEC and CFTC in the cryptocurrency sector, providing a legitimate path for blockchain networks to issue and operate tokens.
Hyperliquid has been sued by two major traditional exchanges
CME and ICE joined forces to go to the U.S. Congress and CFTC to complain, demanding strict regulation of the cryptocurrency derivatives platform Hyperliquid.
Dialogue with Lead Bank Founder Jackie: American Banks Re-embrace Crypto
Excellent crypto companies are not those that are "best at circumventing regulations," but those that are "best at evolving in collaboration with regulations."
Vitalik: What we need to do is not to fight against AI, but to create a sanctuary
What is truly scarce is not computing power, but people who are willing to think proactively and retain sovereignty.
Morning News | VanEck and Grayscale submitted BNB ETF amendments on the same day; BlackRock discusses investing billions of dollars in SpaceX's IPO; Michael Saylor releases Bitcoin Tracker information again
Overview of Important Market Events on May 17
Crypto ETF Weekly | Last week, the net outflow of Bitcoin spot ETFs in the United States was $995 million; the net outflow of Ethereum spot ETFs in the United States was $255 million
Avenir Group solidifies its position as the largest Bitcoin ETF institutional holder in Asia, ranking first in the region for eight consecutive seasons.
This Week's News Preview | The Federal Reserve Releases the Last FOMC Minutes of the "Powell Era"
Highlights of the week from May 18 to May 24.
The ambition of "one account trading global assets": How does CoinUp.io break down asset barriers to become an industry dark horse?
Create a diversified financial ecosystem through collaboration between CEX and public chains.
How long will it take for the GPU futures market when computing power is commoditized?
Will computing power be the next major commodity? Examining the GPU futures market from five dimensions: it is still too early to talk about an explosion; the real breakthrough variable lies within the wave of open-source models and inference demand.
Hyperliquid has stirred up Wall Street, with regulations uncertain and market makers fleeing first?
When Hyperliquid was still an experimental field, the benefits could be enjoyed at no cost, but once it began to intersect with traditional finance, Wall Street would inevitably push it into the regulatory game rules.
When Hyperliquid takes away Solana's "internet capital market" script
If Solana cannot regain its dominance in the derivatives space in the second half of 2026, it may still be an excellent Meme paradise, but it will only drift further away from the dream of "carrying global assets."
Base native leveraged prediction market OmenX officially launches on the mainnet
OmenX aims to further push the prediction market experience towards a trading platform. Users can establish leveraged positions around event outcomes and make purchases, sales, and position adjustments before the event concludes, thereby expressing market views, managing risks, and participating in ...
WEEX Labs Co-Hosts ETHMilan 26 Openguin Party: Rooftop AI Trading Calling
Join WEEX Labs, Pudgy Penguins, and Berachain at ETHMilan 26 Openguin Party in Milan, a must-attend web3 event in Europe recently. Exclusive rooftop event with AI trading competition, exclusive merch, and top-tier networking.
Best Crypto Staking Platforms 2026: Is XRP Staking Really Worth It?
Whether you're eyeing XRP staking, Solana yields, or just wondering if staking crypto is worth the risk. This guide breaks down the real numbers, the best platforms, and what to watch out for in 2026.
Circle: From Issuance to Infrastructure
Circle is attempting to transform from a single-layer company into a full-stack financial platform that can operate and derive value across multiple layers of the payment stack.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com
