Well, it’s happened again. Because what’s a week without a massive crypto hack, am I right? 🤦♂️ Blockchain security firm PeckShield is reporting that hackers have made off with a cool $42 million from the decentralized perpetuals exchange GMX (GMX). I mean, who needs security when you’ve got… well, I’m not really sure what they had, but it clearly wasn’t enough.
According to PeckShield’s post on the social media platform X (because who uses Twitter anymore?), the hacker exploited the crypto exchange and sent $9 million of the stolen funds to the Ethereum (ETH) network from Arbitrum (ARB). Because, you know, one blockchain just isn’t enough. 🤑
“GMX has been exploited for ~$42 million. The exploiter has bridged ~$9.6 million worth of cryptos to Ethereum.” Yeah, that’s a real “bridge” to nowhere.
GMX confirmed the hack on its own X account, because who doesn’t love a good “we’ve been hacked” announcement? 📣 They said that their Arbitrum-based liquidity pool was drained of $40 million, which was immediately sent to an unknown wallet. Because, you know, that’s exactly what you want to happen to your money – for it to disappear into thin air.
“The GLP pool of GMX V1 on Arbitrum has experienced an exploit. Approximately $40 million in tokens has been transferred from the GLP pool to an unknown wallet… Yeah, that’s a real “experience” I’d rather not have.
Trading on GMX V1, and the minting and redeeming of GLP, have been disabled on both Arbitrum and Avalanche to prevent any further attack vectors and protect users from additional negative impacts.” A little too late for that, don’t you think? 🤦♂️
GMX says that the matter is still under investigation, but that the hack’s impact was limited to GMX V1. GMX V2, its markets and liquidity pools, as well as the GMX token itself, are reportedly uncompromised. Yeah, because that’s exactly what I want to hear – that my money is safe… this time.
The price of GMX dipped from its weekly high of $14.44 earlier today down to $10.77 at time of writing, a decrease of over 22% during the last 24 hours. Yeah, that’s a real “dip” – into the toilet. 🚽
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2025-07-09 22:28