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GMX announced a hack of $42 million: "Reentrancy vulnerability" exploited by hackers, how to compensate users?
On the evening of July 10, Taiwan time, the centralized perpetual futures trading exchange GMX released a detailed report on platform X after suffering a theft of $42 million on July 9, outlining the root cause of the attack, initial response measures, and subsequent plans. (Background: GMX lost not just money, but status) (Supplementary background: In-depth analysis of six major on-chain derivative protocols: GMX, Synthetix…) The long-established decentralized perpetual futures trading exchange GMX was attacked by hackers on its V1 deployment on Arbitrum on July 9, resulting in losses of up to $42 million. On the evening of July 10, Taiwan time, GMX released a detailed report on platform X, disclosing the root cause of the attack, initial response measures, and subsequent plans. According to GMX's official report, the attack occurred at 12:30 PM (UTC) on July 9, 2025, when the attacker exploited a "re-entrancy attack" vulnerability in GMX V1 on Arbitrum, directly calling the increasePosition function in the Vault contract, bypassing the mechanism that normally calculates the average short position price through the PositionRouter and PositionManager contracts. The attacker manipulated the average short position price of BTC from $109,505.77 to $1,913.70 and used flash loans to acquire GLP (GMX liquidity token) at a price of $1.45, opening a position worth $15.38 million, ultimately pushing the GLP price above $27, cashing out huge profits. The report pointed out that the attack entry was located in a certain function of the OrderBook contract, and although this function had a nonReentrant modifier, it could only prevent re-entrancy within the same contract and did not stop cross-contract attacks. In response, GMX quickly took action upon discovering the vulnerability, suspending trading on Avalanche to prevent further losses and contacting Arbitrum, exchanges, bridging protocols, and stablecoin issuers (such as Circle, Tether, Frax) to track the stolen funds, while also reaching out to the attacker through on-chain messages. Additionally, GMX further confirmed that GMX V2 does not have similar vulnerabilities, as its calculation of average short position prices and order execution is completed within the same contract. Next Steps To address the subsequent impact of the attack and protect user interests, GMX proposed the following specific plans: Fund allocation and compensation preparation: Currently, there are about $3.6 million in tokens in the GLP pool, which are being retained due to unclosed positions. The V1 fees for GLP on Arbitrum amount to about $500,000 (after deducting the 30% fee automatically exchanged for GMX), which will be transferred to the GMX DAO treasury for compensating affected GLP holders. The remaining funds of GLP on Arbitrum will be allocated to a compensation pool for affected GLP holders to apply for. Disable GLP minting and redemption: GLP minting and redemption on Arbitrum will be disabled. GLP minting on Avalanche will also be disabled, but the redemption feature will remain open, allowing users to manage their holdings flexibly. Position and order management: After disabling GLP redemption on Arbitrum, the position closure function for V1 on Arbitrum and Avalanche will be enabled, allowing users to close existing positions. However, the opening function for V1 will not be enabled to prevent similar attacks from occurring again. Existing V1 orders on Arbitrum and Avalanche will no longer be executed, and users will need to cancel all V1 orders themselves. Subsequent governance discussions: GMX DAO will initiate governance discussions to plan further compensation measures, ensuring fair distribution of remaining funds and formulating long-term prevention strategies. Support for esGMX staking: Users using GLP for esGMX staking on Arbitrum and Avalanche can continue to stake. Users on Avalanche can redeem GLP at any time, but if GLP is not used for staking, it is recommended to redeem it. Suggestions for forking GMX V1: GMX urges all V1 fork projects to take two measures to prevent similar attacks: 1) Disable leverage functionality; 2) Limit GLP minting. Related Reports GMX's largest whale shorts $12 million in ETH! Already suffering a 75% loss facing liquidation Compound III launches on Arbitrum, supporting collateralization of ARB, GMX, WETH, WBTC to borrow USDC The star project MUX growing against the market, could it be the killer of GMX? "GMX announces report on $42 million hack: 'Re-entrancy vulnerability' exploited by hackers, how to compensate users?" This article was first published in BlockTempo, the most influential blockchain news media.