GMX (GMX) fell 14.69% in the last 24 hours.

Gate News Bot news, on July 10, according to CoinMarketCap data, as of the time of writing, GMX (GMX) is currently priced at $12.16, having fallen by 14.69% in the last 24 hours, with a high of $15.03 and a low of $10.33. The 24-hour volume reached $171 million. The current market capitalization is approximately $124 million, a decrease of $21.3714 million compared to yesterday.

GMX is a decentralized perpetual contract exchange that allows users to trade top cryptocurrencies such as Bitcoin, Ethereum, Avalanche, and more directly from their wallets, with up to 100x leverage. GMX determines liquidation timing through high-quality price feeds, protecting user positions from temporary price fluctuations. The platform offers a trading experience with low spreads and low slippage, ensuring users receive the best prices with no additional costs. GMX is currently live on the Arbitrum and Avalanche networks.

Important news about GMX recently:

1️⃣ GMX V1 suffered a major vulnerability attack On July 9, GMX V1's GLP liquidity pool on the Arbitrum network suffered a vulnerability attack, resulting in approximately $40 million worth of tokens being transferred to an unknown wallet. The attacker exploited a design flaw that allowed manipulation of the global short average price, creating large short positions through reentrancy, artificially raising the GLP price and profiting through redemption operations.

2️⃣ Emergency Safety Measures Implemented In order to prevent further losses, the GMX official team has disabled GMX V1 trading and the minting and redemption functions of GLP on the Arbitrum and Avalanche platforms. At the same time, the official team advises all GMX V1 fork projects to disable leverage functions and set all maxUsdgAmounts parameters to "1" to prevent GLP minting.

3️⃣ GMX V2 is unaffected Despite the attack on version V1, GMX officials emphasized that GMX V2 was not affected by this vulnerability. At the same time, the GMX token itself was not directly involved in this security incident.

This security incident has had a significant impact on GMX's short-term price and user confidence, leading to a steep fall of 14.69% in price within 24 hours. However, the rapid response measures taken by the GMX team may help to limit further losses and buy time to fix the vulnerabilities. Investors should closely monitor official follow-up announcements and the implementation of remedial measures.

This message is not to be taken as investment advice; investors should be aware of market volatility risks.