The GMX protocol interrupted the exchanges on GMX V1 after a liquidity pool underwent a feat on Wednesday, which led to $ 40 million in stolen and sent in an unknown portfolio.
GMX V1 is the first version of the GMX perpetual exchange deployed on the arbitrum network. The attacked pool provides the liquidity supplier of the GMX protocol with an underlying digital asset basket, including Bitcoin (BTC), ether (ETH) and Stablecoins, according to the GMX team.
The protocol has also announced a temporary suspension in the laying and the acquisition of GLP tokens on Arbitrum and the avalanche Layer-1 network to protect itself against any additional spin-off from the cybersecurity feat.
The platform users were invited to deactivate the lever effect and modify their settings to deactivate the Ponte GLP.
“The feat does not affect GMX V2, its markets or its liquidity pools, nor the GMX token itself. Based on the information available, the vulnerability is limited to GMX V1 and its Pool GLP,” said the team.
The security company Blockchain Slowmist awarded the feat to a design defect which allowed the pirates to manipulate the price of the GLP token thanks to the calculation of the total assets under management.
Hacks and cybersecurity crimes continue to be major pain points in cryptographic industry, affecting both centralized platforms and decentralized exchanges. The hacks caused billions of dollars in cumulative losses and discouraged new participants from adopting the crypto due to the fear of victimization by sophisticated threat actors.
In relation: The Central Banzil Service Supplier of Pirated Brazil, $ 140 million stolen
Crypto hacks continue to be a characteristic of the landscape of digital assets
The losses of crypto hacks reached $ 2.5 billion in the first half of 2025, with approximately $ 1.4 billion in stolen funds resulting from bybit in February.
In June, the exchange of Iranian crypto Nobitex was the victim of a cyber attack by a group of pro-Israeli pirates called Gonjeshke Darande.
Piracy caused more than $ 81 million in losses for the Iranian Stock Exchange, which was forced to temporarily suspend the services to mitigate the piracy effects.
https://www.youtube.com/watch?v=ndv0rfehetq
On Wednesday, the United States Treasury Treasury’s Treasury Bureau announced sanctions on Song Kum Hyok, a group of pirate hackers affiliated to the state in North Korea on Wednesday.
Song Kum Hyok has infiltrated several cryptographic companies and companies of defense contractors, intended to exploit these interior organizations with both social engineering scams and cybersecurity violations.
Review: Korea of Crypto Pirates from North Korea TES Chatgpt, Malaysia Road Money Siphone: Asia Express
