Today’s bomb was the GMX hacking incident. The loss on the platform is around 40 billion dollars. The attack was confirmed by the team and the GMX Coin price fell to $ 11.5. In the first last minute announcement, we mentioned that sales may deepen more, and now we see this scenario. However, for the price, high leverage is risky in both directions. Here are the reason and the latest explanations.
GMX Coin drop
Although it is a good opportunity for those who sell, there is a loss of 40 million dollars of customers. The team confirmed the attack and issued a warning. GMX Coin Price While the daily loss is progressing to 25 percent. A damage compensation program has not yet been announced, and if this is the reaction rise, it is possible to quickly liquidate the suspension positions here.
Short -term upper wicks extending to $ 13 and $ 13.6 may occur in the possible opposite movement. In the continuation of the decrease, if the compensation program is not disclosed or is not satisfactory, $ 9.5 can play a task as a bottom support. This region was tested in the collapse of April this year.
If we go to the team’s announcement, what they say in summary is that they are aware of the hacking event and investigate the issue.
“In Arbitrum GMX V1’s GLP pool was attacked. It was transferred to a wallet unknown from the Token GLP pool of about $ 40 million. Security has always been one of the most important priorities for GMX, and GMX smart contracts are going through numerous inspections by the best security experts. For this reason, all core addators at this critical moment investigate how the manipulation occurs and what the security vulnerability makes it possible.
Our priority focus is to determine the root cause of the problem and to resolve the problem.
Measures taken: Transactions in GMX V1 and GLP printing and fire, arbitrum and avalanche
$18.51is also disabled. This measure was taken to prevent further attack vector and protect users from additional negative effects.
Scope of the vulnerability: This vulnerability does not affect GMX V2, markets, liquidity pools or GMX token. According to the current information, the vulnerability is limited to the GMX V1 and GLP pool. As soon as more complete and confirmed information is obtained, a detailed case report will be published. ”
We saw the details of the method of the attackers in the warning that came a few minutes ago. The following precautions were recommended for those who use the GMX fork.
“Warning for all GMX V1 forks “GMX V1 Hacked ”. Disable the leverage feature: This can be done by adjusting the vault.setısleverageenable (false) or if the vault Timelock is used Timelock.setshouldtogGleisleverageenable (false).
To avoid GLP printing, set all Maxusdgamounts values to “1” using vault.settoKenconfig or Timelock.settoKenconfig. Remember that the value should be ‘1’, not “0”, because it means that there is no “0” limit. ”
For now, the decline seems to be settled, and it provided assurance that there would be no more loss. GMX Coin Price If it turns to $ 11.8 and the compensation program is announced rapidly, upper trials may come.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
