Hacker footprint and root cause

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The GMX exploit attacker used a Tornado Cash-funded contract to obscure the origin of the exploit.

SlowMist, a Blockchain security company, mentioned that the exploit which led to a $42 million loss on GMX V1 was caused by a design flaw in how the protocol calculated the GLP token price and total assets under management.

The GMX V1 exploit was executed through a logic flaw in the V1 leverage mechanism that allowed minting of GLP tokens without sufficient collateral.

Arkham Intel reported that a wallet linked to the hacker behind the $42 million exploit of GMX V1 holds nearly $44 million in digital assets.

The GMX V1 exploit occurred despite prior security reviews by top auditing firms Quantstamp and ABDK Consulting, whose audits assessed core risks like reentrancy and access controls and conducted stress tests, but failed to flag the specific leverage manipulation vector that enabled the $42 million exploit.

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