$40M lost! – All about GMX’s V1 hack and what to watch out for

• GMX suffered a $40 million exploit, adding to over $2.5 billion in crypto losses this year. Rising threats from hacker groups prompt stronger security measures and spark calls for improved industry regulation.

The decentralized exchange GMX has confirmed a major security breach involving its GMX V1 GLP pool on Arbitrum [ARB], resulting in the loss of approximately $40 million.

In response, GMX disabled trading, minting, and redeeming of GLP tokens on both Arbitrum and Avalanche [AVAX] as the team investigates the exploit and works to contain further damage.