GMX: GMX V1 trading on Arbitrum and Avalanche as well as GLP minting and redeeming have been temporarily paused, V2 and GMX token are unaffected

BlockBeats News, July 9th, GMX announced that the GMX V1's GLP pool on Arbitrum was attacked, with approximately $40 million in tokens being transferred to an unknown wallet. The current top priority is to trace the root cause of the event and progress with asset recovery.

The GMX team has temporarily halted the transaction functionality of GMX V1 on Arbitrum and Avalanche, as well as the minting and redemption of GLP, to prevent further attacks and protect users from additional losses.

Please note that this attack does not impact GMX V2, its markets, or liquidity pools, nor does it affect the GMX token itself. Based on the information currently available, the exploit is limited to GMX V1 and its GLP pool.