GMX Recovers $42 Million GLP Funds on Arbitrum After V1 Vulnerability Attack

On July 16, GMX disclosed critical updates following the recent security breach that compromised approximately $42 million in the GMX V1 protocol on the Arbitrum network. After extensive negotiations, the affected assets within the GLP pool on Arbitrum were successfully reclaimed. These recovered funds have been securely transferred to the DAO, where they are currently held in custody. The DAO is now preparing to execute a structured distribution plan to reimburse liquidity providers in the Arbitrum GLP vault, ensuring the restoration of user capital. This development underscores GMX’s commitment to robust risk management and transparent communication in the decentralized finance ecosystem.