Today witnessed a significant event: a hack of the GMX platform resulted in nearly $40 million lost. The team has confirmed the attack, with GMX Coin's price dropping to $11.5.
Significant Drop in GMX Coin Price
The attack on the GMX platform is believed to have led to the reported $40 million loss. Consequently, the price of GMX Coin fell to $11.5, showing a near 25% decline. No compensation plan has been announced, but if introduced, it could prompt a rapid liquidation of short positions.
Official Response from GMX
The GMX team issued a statement acknowledging the ongoing investigation into the hack. 'The GLP pool on GMX V1 on Arbitrum was attacked. Approximately $40 million worth of tokens were transferred to an unknown wallet. Security has always been a top priority for GMX, and all core contributors are examining how this manipulation occurred.'
Future Plans and Recommendations
To mitigate further losses, GMX has disabled transactions and GLP minting on Arbitrum and Avalanche. They have also advised to disable the leverage feature and control GLP minting to protect users from further adverse impacts.
The hack of the GMX platform has posed a significant challenge for the community, but current price stabilization and precautionary measures may help users minimize losses.
