Decentralized perpetuals exchange GMX announced Wednesday that users affected by last month’s security exploit can now claim their distributions on the dApp.
“About $44 million in value is being distributed, making all impacted Arbitrum GLP holders whole and marking a favorable resolution to the security challenge GMX faced,” the announcement said.
This amount includes the recovered GLP funds and $2 million worth of complementary funds from its treasury.
On July 9, GMX V1’s GLP pool on Arbitrum experienced an exploit that led to losses of $42 million, caused by a vulnerability in the initial version of the protocol. According to CertiK, the vulnerability was a reentrancy issue that allowed the attacker to manipulate the protocol’s AUM calculation and withdraw more funds than they had initially deposited.
Within hours, GMX sent an on-chain message to the attacker’s wallet, offering a 10% white-hat bounty for returning 90% of the stolen funds, which the hacker accepted.
The latest distribution will be issued in GLV token, which is an upgraded liquidity vault product for GMX V2.
Those eligible for claims will receive two kinds of GLV tokens in equal proportions, GLV [BTC-USDC] and GLV [WETH-USDC], equating to approximately 25% WBTC, 25% ETH, and 50% stablecoins, mirroring the asset exposure of the original GLP token.
Outside the claims, the perpetual exchange is also distributing a $500,000 GLV incentive pool to users who keep their allocated GLV.
“If you hold your distributed GLV for at least 3 months without selling or transferring, you’ll receive a pro-rata share,” GMX said.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
