Crypto Hackers Drain $42,000,000 From Decentralized Perps Exchange GMX, Sends Funds to Unknown Wallet: Report

Blockchain security firm PeckShield says that bad actors stole tens of millions of dollars from the decentralized perpetuals exchange GMX (GMX).

Posting on the social media platform X, PeckShield says that a hacker has exploited the crypto exchange to the tune of $42 million, sending $9 million of the stolen funds to the Ethereum (ETH) network from Arbitrum (ARB).

“GMX has been exploited for ~$42 million. The exploiter has bridged ~$9.6 million worth of cryptos to Ethereum.”

GMX confirmed the hack on its own X account, saying that its Arbitrum-based liquidity pool was drained of $40 million, which was immediately sent to an unknown wallet.

“The GLP pool of GMX V1 on Arbitrum has experienced an exploit. Approximately $40 million in tokens has been transferred from the GLP pool to an unknown wallet…

Trading on GMX V1, and the minting and redeeming of GLP, have been disabled on both Arbitrum and Avalanche to prevent any further attack vectors and protect users from additional negative impacts.”

GMX says that the matter is still under investigation but that the hack’s impact was limited to GMX V1. GMX V2, its markets and liquidity pools, as well as the GMX token itself, are reportedly uncompromised.

The price of GMX dipped from its weekly high of $14.44 earlier today down to $10.77 at time of writing, a decrease of over 22% during the last 24 hours.

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Featured Image: Shutterstock/pedrosek