GMX releases a summary report on the $40 million vulnerability attack incident: GMX DAO will discuss further compensation measures.
According to ChainCatcher news and a report released by GMX, there has been a summary report on a vulnerability attack incident of approximately 40 million USD on GMX V1 on Arbitrum. The attacker directly called the increasePosition function of the Vault contract through reentrancy, bypassing the PositionRouter and PositionManager contracts (which are usually responsible for calculating the average shorting price). Through manipulation, the attacker lowered the average shorting price of BTC from $109,505.77 to $1,913.70. Using Flash Loans, the attacker bought GLP at a normal price of $1.45, opening a position of $15 million. Due to the manipulated price, the GLP price was pushed up to over $27, and the attacker redeemed G at a high price.