GMX Crashes 25% After $42 Million DeFi Hack
GMX suffered a major hack today, as a wallet drained roughly $42 million from its GLP liquidity provider. It’s unclear how this happened, but the team offered the attackers a 10% bounty if they returned 90% of the funds.
Hackers have already bridged around $9.6 million from Arbitrum to Ethereum using Circle’s CCTP, leading to controversy. This is GMX’s second major breach this year, and its token fell over 25% in response.
How Was GMX Hacked?The crypto community has suffered a lot of prominent hacks lately, and it doesn’t look like the trend is slowing down. Earlier this morning, security watchdogs noticed a suspicious transaction on GMX, which now seems to be a hack.
Through unknown methods, a Tornado Cash-funded wallet managed to drain around $42 million from GMX’s liquidity provider (GLP).
