In a suspected hack, GMX Exchange have lost over $42 million. According to DeBank data, there was a large anomalous outflow from GMX wallets. More than $42 million was transferred to a suspicious wallet address, “0xdf3340a4…”
GMX Hacked for $42M, Source: DeBank
Most of the funds, around $32 million, were moved from the Arbitrum network, while the rest , about $9.6 million, was transferred to Ethereum. The hacker proceeded to convert the Ethereum funds into DAI and ETH, further raising alarms. The anomalous wallet gained 800%+ in value, indicating abnormal behavior.
The hacker’s wallet contains a wide range of stolen assets, such as $187K in Bridged USDC, $9.75 million in USDC, $1.34 million in DAI and various USD stablecoins, and $10.44 million in Frax Dollar (Legacy). Major coins like $533K in UNI, $335K in LINK, $8.51 million in WETH, and $9.63 million in WBTC are also in the wallet.
GMX has now confirmed the exploit, stating that the attack targeted the GLP pool on GMX V1 on Arbitrum, resulting in the loss of approximately $40 million. In response, GMX has disabled trading, minting, and redeeming of GLP on both Arbitrum and Avalanche to prevent further damage.
According to the developers, the hack had no effect on GMX V2, the GMX token, or other liquidity pools. They emphasized that their smart contracts have undergone numerous audits and that security is of the utmost importance. The team is now working closely with security experts to find out how the hack happened, recover the stolen funds if possible, and prevent any further risks.
So far, no full incident report has been published, but GMX has promised to share more details once the findings are validated.
The value of GMX has fallen more than 10% in the last 24 hours, currently trading at $12.50, after a possible hack of $42 million was reported. The scare sent investors into panic, causing a sharp sell-off.
