GMX platform was attacked, but the perpetrator returned the stolen funds following a public bounty offer.
Details of the GMX Attack
This week, GMX was targeted in an attack on its V1 GLP pool, exploiting a flaw in the OrderBook contract to manipulate BTC short pricing. This caused the GMX token to plummet 28% to $10.45.
GMX's Response to the Incident
GMX froze all V1 operations on Arbitrum and Avalanche, confirming that V2 operations and GMX token remained untouched. The blockchain security firm PeckShield flagged the return transactions and recorded the hacker's response: 'ok, funds will be returned later.' GMX expressed appreciation for this gesture.
Plans for Compensation of Affected Users
Following the incident, GMX has permanently deactivated GLP minting on Arbitrum. Reimbursement plans are currently being developed, with discussions planned within the DAO to finalize compensation strategies.
The GMX incident served as a lesson in smart contract security and will influence the company's future approach to protecting its assets.
