đ„ $GMX HACKED FOR $42M â TOKEN TUMBLES 20% IN HOURS! đ„
On July 9, 2025, DeFi platform GMX was hit by a $42 million hack, causing the token to plunge from $14.42 to $10.30 in a single day. The attack targeted GLP liquidity pools on Arbitrum, shaking confidence across the DeFi space.
đ What Went Wrong?
Hackers found a loophole in the GLP pricing logic, letting them drain millions. GMX quickly paused all trading on Version 1. Version 2 remains safe and unaffected.
đ° GMX is offering a $4.2M bounty to the attacker if they return the stolen fundsâno legal action promised.
đ What Traders Need to Know:
âą Expect wild volatility
âą Sharp bounces may offer short-term trades
âą If funds are returned, a rebound is possible
âą Long-term trust depends on how GMX responds
â ïž The DeFi community is shakenâsome praise GMX's fast response, others demand better security audits.
This is a DeFi wake-up call. Stay sharp. DYOR always.
