GMX halts trading, token minting following $40M exploit

Description

The GMX protocol halted trading on GMX V1 after a liquidity pool suffered an exploit on Wednesday, leading to $40 million in funds being stolen and sent to an unknown wallet.

Authors

Vince Quill

Publish date

July 9, 2025

Publisher

Cointelegraph

Web URL

https://cointelegraph.com/news/gmx-v1-exchange-exploited-40-million-drained

Referenced by

GMX suffers $42M smart contract exploit

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News story

Blockchain security company SlowMist attributed the exploit to a design flaw that allowed hackers to manipulate the GLP token price through the calculation of the total assets under management.

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The exploit does not affect GMX V2, its markets, or liquidity pools, nor the GMX token itself. Based on the available information, the vulnerability is limited to GMX V1 and its GLP pool,” the team said.

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