The GMX protocol stopped trading at GMX V1 after a pool of liquidity suffered an exploitation on Wednesday, leading $ 40 million in funds stolen and sent to an unknown purse.
The GMX V1 is the first version of the GMX Perpetual Exchange that is deployed on the arbitrum network. The attacked pool is a liquidity provider for the GMX protocol with a basket of underlying digital assets including Bitcoin (Btc), Ether (Eth) and stablecoins, According to On the GMX team.
The protocol also announced a temporary suspension on the mininting and redemption of GLP tokens in both the arbitrum and the layer-1 avalanche network to protect against any further collapse from the exploitation of cybersecurity.
Platform users are taught To disable the seizure and change their settings to disable GLP MINTING.
“Exploitation does not affect the GMX V2, its markets, or pools of liquidity, or the GMX token itself. Based on the available information, the weakness is limited to the GMX V1 and its GLP pool,” the team said.
BLOCKCHAIN SECURITY COMPANY SLOWMIST Related The exploitation of a flaw design that allows hackers to manipulate the price of the GLP token by calculating the total ownership under management.
Hack and cybersecurity crimes continue to be major disease points in the crypto industry, affecting both centralized platforms and decentralized exchanges. Hacks are caused Billion -billions of dollars in combined -with losses And the new participants are discouraged from the crypto adoption for fear of being victimized by sophisticated actors.
Related: Brazil’s Central Bank Service Provider is that -hack, $ 140m stolen
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 Bybit Hack in February.
In June, Iran’s crypto exchange Nobitex was victimized by a cyberattack From a group pro-Israeli hacker called Gonjeshke Darande.
Hack is caused by lapse $ 81 million in losses For the Iran exchange, forcing the services temporarily to reduce the effects of the hack.
https://www.youtube.com/watch?v=ndv0rFehetq
The United States Foreign Assets Control (OFAC) office (OFAC) announced Penalties in Song Kum Hyok, a group of hackers related to the state of North Korea, on Wednesday.
Song Kum Hyok -Infiltrates some crypto companies and defense contracting businesses, which are planning to take advantage of these organizations from the inside along with both social engineering scams and cybersecurity violations.
Magazine: North Korea Crypto Hackers Tap Chatgpt, Malaysia Road Money Siphoned: Asia Express
