🚀 GMX Platform Faces Security Breach on Arbitrum
#GMX #Arbitrum #SecurityBreach #GLP #Avalanche #TokenTransfer #CryptoNews #DeFi #BlockchainSecurity #ARB #AVAX
According to Foresight News, GMX has reported a security breach on its Telegram channel involving the GLP pool on the Arbitrum platform. Approximately $40 million worth of tokens have been transferred from the GLP pool to an unknown wallet. Security partners are actively investigating the incident.
In response to the attack, both the Arbitrum and Avalanche platforms have disabled trading and the minting and exchange functions of GMX V1 to prevent further breaches. However, the vulnerability does not affect GMX V2 or the GMX token itself.#GMX #Arbitrum #SecurityBreach #GLP #Avalanche #TokenTransfer #CryptoNews #DeFi #BlockchainSecurity #ARB #AVAX
🚀 GMX Issues Urgent Notice Following V1 Fork Attack
#GMX #V1Fork #SecurityNotice #CryptoSafety #LeverageFunction #TokenConfig #GLP
According to BlockBeats, GMX has released an urgent notification regarding an attack on all GMX V1 fork projects. To mitigate risks, GMX has outlined specific actions that can be taken.
Firstly, users are advised to disable the leverage function. This can be done by calling Vault.setIsLeverageEnabled(false). If the Vault Timelock is in use, users should call Timelock.setShouldToggleIsLeverageEnabled(false).
Additionally, GMX recommends setting the maxUsdgAmounts for all tokens to '1'. This can be achieved using Vault.setTokenConfig or Timelock.setTokenConfig to prevent further minting of GLP. It is crucial to set this value to '1' rather than '0', as a setting of '0' would imply no limit, potentially allowing the vulnerability to be exploited further.#GMX #V1Fork #SecurityNotice #CryptoSafety #LeverageFunction #TokenConfig #GLP
🚀 GMX Exploit Highlights Vulnerability in Global Average Price Calculation
#GMX #vulnerability #security #exploitation #GLP #crypto #blockchain #manipulation #reentrancy #AUM
According to Odaily, a security issue has been identified in GMX v1, as highlighted by SlowMist CISO @im23pds on the X platform. The vulnerability arises from the immediate update of the global average price when handling short positions. This price directly affects the calculation of the total asset under management (AUM), leading to potential manipulation of the GLP token price.
Attackers exploited this design flaw by utilizing the timelock.enableLeverage feature through the Keeper during order execution, a necessary condition for creating large short positions. By employing a reentrancy method, they successfully manipulated the global average price, artificially inflating the GLP price in a single transaction and profiting through redemption operations.#GMX #vulnerability #security #exploitation #GLP #crypto #blockchain #manipulation #reentrancy #AUM
🚀 GMX V1 Faces $40 Million Exploit on Arbitrum Chain
#GMX #Arbitrum #exploit #cryptocurrency #security #vulnerability #BTC #GLP #Avalanche #compensation #reentrancy #ARB
According to PANews, GMX has disclosed details regarding a $40 million exploit on its V1 platform on the Arbitrum chain that occurred on July 9. The security team identified the attack as stemming from a reentrancy vulnerability in the OrderBook contract. Hackers exploited this flaw to manipulate the average price of BTC shorts, significantly inflating GLP prices for arbitrage gains.
In response, GMX has suspended related transactions on the Avalanche chain and confirmed that the V2 version remains unaffected. The company plans to disable GLP minting and redemption and establish a compensation pool as part of its corrective measures. GMX has also advised projects forked from V1 to promptly address similar vulnerabilities.#GMX #Arbitrum #exploit #cryptocurrency #security #vulnerability #BTC #GLP #Avalanche #compensation #reentrancy #ARB
🚀 GMX Recovers Funds After Arbitrum Exploit
#GMX #Arbitrum #exploit #fundsrecovery #DAO #liquidityproviders #GLP #V2 #ARB
According to Odaily, GMX announced on Platform X that following a $42 million exploit on GMX V1 on Arbitrum, all funds have been successfully recovered. The funds have been returned and are currently held by the DAO, pending distribution to liquidity providers in the Arbitrum GLP vault. GMX V2 remains unaffected by this exploit, with trading and liquidity supply continuing as usual.#GMX #Arbitrum #exploit #fundsrecovery #DAO #liquidityproviders #GLP #V2 #ARB