Top perps DEX GMX suspectedly hacked in re-entrancy attack, $GMX token plunges

One of the top decentralized perpetual exchanges, $GMX, appears to have fallen victim to an exploit that drained more than $40 million and triggered a sudden decline in the price of its native token, as reported by blockchain security entity PeckShield.

According to data from DeBank first flagged by numerous X users, the suspected threat actor may have employed a re-entrancy exploit to abnormally mint GLP, the platform’s liquidity token. The incident is now under scrutiny.

The attacker’s wallet currently holds over $32 million worth of Arbitrum and around $9.5 million in Ethereum.

$GMX has yet to issue an official statement. However, data shows that the team sent an on-chain message to the attacker, offering a 10% white-hat bounty in exchange for the return of the stolen funds.

$GMX sent a message to the attacker

The $GMX token plunged from $14 to $12 following the incident, per CoinGecko data.