GMX DEX Don Hack for $42M, $40M Don Return, Token Drop 17%
After di GMX hack for Arbitrum L2 network, di bad guys take use structural fault for di GLP liquidity pool and oracle design. Dem use flash loans to manipulate price dem and shake out $42 million for USDC, DAI, WBTC, ETH, WETH, UNI and LINK. GMX quickly stop V1 trading, GLP issuance and redemption for both Arbitrum and Avalanche. Di platform reassure say GMX V2 markets, liquidity pools and di native GMX token still safe. Di GMX hack make di GMX token drop 17% from $15 to $11.40. After di breach, di bad guys return $40 million and start compensation talks. Dis case show say cross-chain DeFi still get risk and di need for strong oracles, multi-sig controls and on-chain risk management.
Bearish
GMX token drop 17% after di hack, e show say liquidity bin scatter and traders no too sure wetin to do. Even though dem return $40 million, di hack reveal say GLP pool and oracle system get big flaw. Dis one weak di confidence and fit make demand reduce for short term. Long term, if dem fit make oracle and risk control strong, TVL fit stable and trust fit build back, but until dat happen, GMX price pressure still dey bearish.