In brief
- GMX said that an initial version of the decentralized exchange was exploited.
- Around $40 million worth of assets were lost, possibly due to a re-entrancy attack.
- The project offered the attacker a “10% white-hat bounty,” if funds were returned within 48 hours.
GMX, a cross-chain decentralized exchange specializing in perpetual futures trading, warned on Wednesday that an initial version of its platform was exploited.
Roughly $40 million worth of tokens were siphoned from GMX V1, which debuted on the Ethereum layer-2 scaling network Arbitrum in 2021, to an unknown wallet, GMX said on X. In response, GMX V1 trading was disabled, alongside the minting and redeeming of GMX’s GLP token on Arbitrum and the layer-1 network Avalanche
Jul 09 2025
