GMX hackers have exchanged $42.8 million in stolen funds into ETH
15 hours ago
Odaily News According to @EmberCN, in the GMX V1 pool attack, the hacker has exchanged all stolen assets (including WBTC, WETH, UNI, LINK, USDC, USDT) except FRAX into 11,700 ETH, which is worth about 32.33 million US dollars at the current price, and deposited them in 4 wallets. In addition, the hacker still holds about 10.495 million FRAX, with a total asset value of about 42.8 million US dollars. The above operation of the hacker seems to indicate that he has rejected the plan proposed by the GMX project to "repay the assets to get a 10% white hat bounty".
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2025-07-10 16:27:35
Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting on the development trends and response strategies of cryptocurrencies and stablecoins
Odaily News The Party Committee of the Shanghai State-owned Assets Supervision and Administration Commission held a study meeting of the central group on July 10 to study the development trends and response strategies of cryptocurrencies and stablecoins. He Qing, Secretary of the Party Committee and Director of the Shanghai State-owned Assets Supervision and Administration Commission, pointed out that it is necessary to fully implement the spirit of the Seventh Plenary Session of the 12th Municipal Party Committee, adhere to innovation-driven development, maintain a keen sense of emerging technologies, and strengthen research and exploration of digital currencies. Adhere to the integration of production and numbers, and explore the application of blockchain technology in cross-border trade, supply chain finance, and asset digitization. Persist in hard work and improve strategic agility and strategic initiative, further promote the deep integration of science and technology, finance, and industry, better play the important role of state-owned assets and state-owned enterprises in scientific and technological innovation, industrial control, and security support, and make new and greater contributions to the construction of Shanghai's "five centers." (Cailianshe)
2025-07-10 16:07:26
GMX releases $40 million attack summary report: GMX DAO will discuss compensation measures
Odaily News GMX published a report on the X platform to summarize the reasons and follow-up measures for the attack of about $40 million on GMX V1 on the Arbitrum chain on July 9, which pointed out that after analysis by the security team, the attack originated from the reentrancy vulnerability of the OrderBook contract. Hackers used this vulnerability to manipulate the average short price of BTC, thereby significantly raising the price of GLP and arbitrage. The official has suspended transactions related to the Avalanche chain, confirmed that the V2 version is not affected, and will take measures such as disabling GLP casting and redemption and setting up a compensation pool. GMX reminds V1 fork projects to promptly repair similar risks. Next plan funding situation: There is about $3.6 million left in the GLP pool, which is reserved for open positions. The GLP fee for V1 on Arbitrum this week is about $500,000 (minus 30% allocated to GMX pledgers), which will be transferred to the DAO treasury for compensation. GLP casting and redemption on Arbitrum will be disabled (redemption disablement requires a 24-hour timelock). Disable GLP minting on Avalanche, but retain redemption functionality. Enable V1 position closing on Arbitrum and Avalanche, disable opening to prevent the vulnerability from recurring. Cancel V1 orders on Arbitrum and Avalanche. Remaining GLP funds on Arbitrum will be allocated to a compensation pool for affected GLP holders. GMX DAO will discuss further compensation measures. It is recommended that all GMX V1 forks take immediate action and enable trading and minting of GLP-like tokens after repairs and audits.
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Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting on the development trends and response strategies of cryptocurrencies and stablecoins
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GMX releases $40 million attack summary report: GMX DAO will discuss compensation measures
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