The GMX platform, known in the decentralized finance sector, has fallen victim to a major security incident, leading to a significant drop in its token value.
Reasons for GMX Coin Price Drop
Recent events surrounding GMX began with a report from analytics firm BWE regarding an abnormal $40 million withdrawal. This news quickly spread, causing GMX Coin's price to plummet from $14.5 to $12.5. Amid increasing selling pressure, investors express concerns that the price could decline further and reach the support level of $9.7, as seen in April.
Silence from GMX Team
During the ongoing incident, the GMX team has not made any official statements. Interestingly, 15 minutes before the alleged attack execution, the platform's official account tweeted about its impressive performance metrics, adding an extra layer of intrigue to the situation.
Monitoring GMX Coin Value
Despite the incident, GMX continues to maintain a total locked value of $444 million. Investors remain on edge, awaiting how GMX will handle this crisis and whether it can restore user trust.
The crypto community watches closely for developments around GMX. The team's silence stirs speculation and concern among users and stakeholders.
