Oh, GMX! The protocol halted trading on GMX V1 after a liquidity pool suffered an exploit on Wednesday, leading to $40 million in funds being stolen and sent to an unknown wallet. Quite the pickle, what?
GMX V1, the first version of the GMX perpetual exchange deployed on the Arbitrum network, was attacked. The pool provides the liquidity provider of the GMX protocol with a basket of underlying digital assets including Bitcoin (BTC), Ether (ETH) and stablecoins, according to the GMX team.
The protocol has also announced a temporary suspension in minting and redemption of GLP tokens on both Arbitrum and the layer-1 Avalanche network to protect against any additional fallout from the cybersecurity exploit. Users were instructed to disable leverage and change their settings to disable GLP minting. Quite the kerfuffle, indeed!
“The exploit does not affect GMX V2, its markets, or liquidity pools, nor the GMX token itself. Based on the available information, the vulnerability is limited to GMX V1 and its GLP pool,” the team said. 😱
Crypto hacks continue to be a feature of the digital asset landscape
Losses from crypto hacks reached $2.5 billion in the first half of 2025, with approximately $1.4 billion in stolen funds resulting from the Bybit hack in February. Oh, the drama!
In June, Iranian crypto exchange Nobitex fell victim to a cyberattack from a pro-Israeli hacker group called Gonjeshke Darande. The hack caused over $81 million in losses for the Iranian exchange, which was forced to pause services temporarily to mitigate the effects of the hack. Quite the scandal, isn’t it?
The United States Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions on Song Kum Hyok, a group of North Korea state-affiliated hackers, on Wednesday. Song Kum Hyok infiltrated several crypto companies and defense contracting businesses, intending to exploit these organizations from the inside with both social engineering scams and cybersecurity breaches. Quite the thriller, wouldn’t you say?
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2025-07-09 21:12