Hacked Perp DEX GMX to Repay $44M to Arbitrum GLP Holders After
0Arbitrum
DEX
Hack
The payout combines recovered funds with $2 million from GMX’s treasury.
Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
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Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...
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Decentralized perpetuals exchange GMX said Wednesday that users hit by last month’s security breach can now claim compensation through its dApp.
Key Takeaways:
GMX is distributing $44M to fully compensate Arbitrum GLP holders impacted by last month’s $42M exploit.
The breach stemmed from a reentrancy vulnerability in GMX V1’s contract structure.
Compensation will be in GLV tokens with extra rewards for users who hold them for at least three months.
“About $44 million in value is being distributed, making all impacted Arbitrum GLP holders whole and marking a favorable resolution to the security challenge GMX faced,” the project said.
The payout combines recovered funds with $2 million from GMX’s treasury.
GMX V1 Exploit Drains $42M via AUM Manipulation Vulnerability.
The incident occurred on July 9, when GMX V1’s GLP pool on Arbitrum was exploited for $42 million.
At the time, blockchain security firm PeckShield attributed the loss...
https://cryptonews.com/news/hacked-perp-dex-gmx-to-repay-44m-to-arbitrum-glp-holders-after-exploit/
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