On July 9th, GMX officially announced today (July 9, 2025) that the GLP pool of GMX V1 on the Arbitrum platform suffered a vulnerability attack, and approximately $40,000,000 tokens have been transferred to an unknown wallet. To prevent further losses, GMX has suspended the trading function of GMX V1 and the minting and redemption operations of GLP on the Arbitrum and Avalanche networks. The official statement emphasized that this vulnerability is limited to GMX V1 and its GLP pool, and will not affect GMX V2, its market or liquidity pool, nor will it affect the GMX token itself. [Deep Tide TechFlow]

Despite layers of scrutiny, GMX’s V1 GLP pool was hacked for over $40 million in a brazen exploit. With leverage functions now frozen, traders are left wondering: How did audited contracts crack? And what does this mean for DeFi’s perpetual trading future? On July 9, on-chain perpetual and spot exchange GMX confirmed that its V1 GLP pool on Arbitrum had been exploited, with over $40 million worth of assorted tokens siphoned into an unknown wallet in a single transaction. The attack, which appears to have manipulated the GLP vault mechanism, forced the protocol to halt trading and pause the minting and redeeming of GLP on both Arbitrum and Avalanche. GMX clarified that the breach was isolated to V1 and did not impact GMX V2, its token, or other associated markets. While the GMX team has yet to disclose the exact exploit vector, the incident exposes the fragility of even audited smart contracts and raises urgent questions about the sustainability of decentralized leverage markets, where GMX has long been a dominant player. The attacker’s path to draining $40 million from GMX’s V1 GLP pool was alarmingly straightforward yet devastatingly effective. According to blockchain analysts, the exploit involved manipulating the protocol’s leverage mechanism to mint excessive GLP tokens without proper collateral. Once the attacker artificially inflated their position, they redeemed the fraudulently minted GLP for underlying assets, leaving the pool short of over $40 million in a matter of blocks. The funds didn’t remain idle for long. According to Cyvers and Lookonchain, the attacker used a malicious contract funded through Tornado Cash to obscure the origin of the exploit. Roughly $9.6 million of the estimated $42 million haul was bridged from Arbitrum to Ethereum using Circle’s Cross-Chain Transfer Protocol, with portions swiftly converted to DAI. 🚨ALERT🚨Our system has detected a suspicious transaction involving @GMX_IO . A malicious contract, deployed by an address funded via @TornadoCash , has exploited approximately $42M worth of assets on the Arbitrum ( #ARB ) network — including: $ETH , $USDC , $fsGLP , $DAI , $UNI ,… pic.twitter.com/x3B5OFMcyP Assets drained included ETH, USDC, fsGLP, DAI, UNI, FRAX, USDT, WETH, and LINK, making this a multi-asset strike spanning both native and synthetic tokens. Before the hack, GMX’s V1 contracts were reviewed by top auditing firms. Quantstamp’s pre-deployment audit assessed core risks like reentrancy and access controls, while ABDK Consulting conducted additional stress tests. Yet neither audit flagged the specific leverage manipulation vector that enabled this exploit. The oversight highlights a recurring blind spot in DeFi security: audits tend to focus on general vulnerabilities but often miss protocol-specific logic flaws. Ironically, GMX had proactive safeguards in place, including a $5 million bug bounty program and active monitoring by firms such as Guardian Audits. This exploit doesn’t just undermine GMX, it casts doubt on the audit-driven security paradigm as a whole. If a protocol as mature and battle-tested as GMX can lose $40 million to a logic flaw, the implications for less scrutinized projects are deeply concerning. Meanwhile, GMX’s on-chain appeal to the hacker, offering a 10% bounty for the return of funds, underscores DeFi’s harsh reality: recovery efforts often rely on negotiating with attackers.

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Crypto hackers lift $42 million from GMX’s Arbitrum liquidity pool in broad daylight

On July 9 (UTC+8), according to GMX's official statement, the GLP pool on GMX V1 on Arbitrum was attacked by a vulnerability, and approximately $40,000,000 tokens were transferred to an unknown wallet. GMX stated that security has always been the platform's core priority, and currently all core developers and security partners are fully investigating the cause of the incident, and have suspended trading on GMX V1 and the minting and redemption of GLP to prevent further risks. The official emphasized that this vulnerability only affects GMX V1 and its GLP pool, and GMX V2 and the GMX token itself are not affected. A detailed incident report will be released later. [Source: X Platform] [MetaEra]

GMX: Trading and GLP minting and redemption on GMX V1 have been suspended, approximately $40.000 million was stolen

On July 9th, GMX announced that the GMX V1's GLP pool on Arbitrum was attacked, with approximately $40 million in tokens being transferred to an unknown wallet. The current top priority is to trace the root cause of the event and progress with asset recovery. The GMX team has temporarily halted the transaction functionality of GMX V1 on Arbitrum and Avalanche, as well as the minting and redemption of GLP, to prevent further attacks and protect users from additional losses. Please note that this attack does not impact GMX V2, its markets, or liquidity pools, nor does it affect the GMX token itself. Based on the information currently available, the exploit is limited to GMX V1 and its GLP pool. [BlockBeats News]

GMX: GMX V1 trading on Arbitrum and Avalanche as well as GLP minting and redeeming have been temporarily paused, V2 and GMX token are unaffected

On July 9th, GMX stated that the GLP pool of GMX V1 on Arbitrum was attacked, and approximately $40.000 million worth of tokens were transferred to an unknown wallet. The current priority is to track the source of the incident and promote asset recovery. The GMX team has suspended the trading function of GMX V1 on Arbitrum and Avalanche, as well as the minting and redemption of GLP, to prevent further attacks and protect users from additional losses. Please note that this attack does not affect GMX V2, its market and liquidity pool, nor does it affect the GMX token itself. According to the information currently available, the vulnerability is limited to GMX V1 and its GLP pool. [BlockBeats]

GMX: GMX V1 trading and GLP minting and redemption on Arbitrum and Avalanche have been suspended. V2 and GMX tokens are not affected.

On July 9, GMX stated that the GLP pool on GMX V1 on Arbitrum was attacked, and approximately $40.000 million worth of tokens were transferred to an unknown wallet. The current priority is to track the source of the incident and promote asset recovery. The GMX team has suspended the trading function of GMX V1 on Arbitrum and Avalanche, as well as the minting and redemption of GLP, to prevent further attacks and protect users from additional losses. Please note that this attack does not affect GMX V2, its market and liquidity pool, nor does it affect the GMX token itself. According to the information currently available, the vulnerability is limited to GMX V1 and its GLP pool. [BlockBeats]

GMX posted on the X platform that the GLP pool of GMX V1 on the Arbitrum platform suffered a vulnerability attack, and approximately $40,000,000 worth of tokens have been transferred from the GLP pool to an unknown wallet. Security partners have been involved in investigating the attack. Currently, the Arbitrum and Avalanche platforms have disabled the trading of GMX V1 and the minting and redemption functions of GLP to prevent any further attacks, but this vulnerability will not affect GMX V2, nor will it affect the GMX token itself. [ChainCatcher]

GMX: Approximately $40.000 million Stolen, GMX V1 Trading and GLP Minting and Redemption Features Disabled

GMX Official: Confirmed to be under attack, approximately $40.00 million in assets stolen

GMX posted in its TG channel that the GLP pool of GMX V1 on the Arbitrum platform suffered a vulnerability attack, and approximately $40.000 million worth of tokens have been transferred from the GLP pool to an unknown wallet. Security partners have been involved in investigating the attack. [Foresight News]

GMX: The GLP liquidity pool of GMX V1 on Arbitrum was attacked by a vulnerability. GMX V2 was not affected.

GMX posted on the X platform that the GLP pool of GMX V1 on the Arbitrum platform suffered a vulnerability attack, and approximately $40.000.000 worth of tokens have been transferred from the GLP pool to an unknown wallet. Security partners have been involved in investigating the attack.
Currently, the Arbitrum and Avalanche platforms have disabled the trading of GMX V1 and the minting and redemption functions of GLP to prevent any further attacks, but this vulnerability will not affect GMX V2, nor will it affect the GMX token itself. [Odaily Planet Daily]

GMX: GLP liquidity pool of GMX V1 on Arbitrum was attacked by a vulnerability, GMX V2 was not affected

2025年7月9日，GMX官方宣布，Arbitrum平台上GMX V1的GLP池遭遇了漏洞攻击，约4000万美元的代币被转移到一个未知钱包。为防止进一步损失，GMX已暂停GMX V1的交易功能以及Arbitrum和Avalanche网络上GLP的铸造和赎回操作。官方声明强调，该漏洞仅限于GMX V1及其GLP池，不会影响GMX V2及其市场或流动性池，也不会影响GMX代币本身。[Deep Tide TechFlow]

GMX官方：确认遭受攻击，约4000万美元资产被盗

2025年7月9日，GMX官方宣佈，Arbitrum平臺上GMX V1的GLP池遭遇了漏洞攻擊，約4000萬美元的代幣被轉移到一個未知錢包。爲防止進一步損失，GMX已暫停GMX V1的交易功能以及Arbitrum和Avalanche網絡上GLP的鑄造和贖回操作。官方聲明強調，該漏洞僅限於GMX V1及其GLP池，不會影響GMX V2及其市場或流動性池，也不會影響GMX代幣本身。[Deep Tide TechFlow]