š„ $GMX HACKED FOR $42M ā TOKEN TUMBLES 20% IN HOURS! š„
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.
š 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.
š° GMX is offering a $4.2M bounty to the attacker if they return the stolen fundsāno legal action promised.
š What Traders Need to Know:
ā¢ Expect wild volatility
ā¢ Sharp bounces may offer short-term trades
ā¢ If funds are returned, a rebound is possible
ā¢ Long-term trust depends on how GMX responds
ā ļø The DeFi community is shakenāsome praise GMX's fast response, others demand better security audits.
This is a DeFi wake-up call. Stay sharp. DYOR always.
