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Top decentralized perpetuals exchange GMX has reportedly suffered a major exploit, with on-chain data suggesting around $42 million has been drained. The attacker’s address, now under close scrutiny, appears to have used a re-entrancy exploit to abnormally mint GLP, the platform’s liquidity token.
The exploit triggered a sharp selloff in the GMX token, which plunged as news spread across CT and security researchers began tracing the drain.
According to early analysis, the attacker manipulated the GLP minting mechanism, potentially calling functions recursively before internal balances were updated — a classic re-entrancy vector. Funds were then funneled through various addresses, with the main wallet visible here.
GMX has yet to issue an official statement.
This is breaking news.
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