GMX official tweeted that a whale wallet associated with their platform was hacked, leading to the transfer of nearly $3 million worth of GMX tokens. The hacker sold the 82,519 GMX tokens (roughly $3.4 million) for 2,627 Ethereum (ETH). They then proceeded to cross-chain all ETH to the Ethereum network using Hop Protocol and Across Protocol.
The company is working closely with law enforcement and other crypto exchanges to ensure that all suspicious activity is monitored properly in order to identify and prevent further fraud. GMX is also working on strengthening their security measures to ensure that this kind of attack does not happen again in the future.
GMX users are being urged to be vigilant about their security practices and not keep large amounts of funds stored in wallets associated with the platform. GMX also encourages users to perform regular security checks with their wallets and take extra precautions when sending or receiving funds.
GMX technical outlook?
The MACD and RSI indicators suggest that the GMX token is at present in a bear market cycle. The relative strength index (RSI) signals that GMX is presently oversold, presenting an opportunity for savvy traders to acquire this token at a discount rate!
At press time GMX/USD trades at $41.79, a steep decline since the whale attack. It remains to be seen what kind of impact this incident will have on the price of GMX and other tokens associated with the platform, in the long run.
Overall GMX is a popular project that is still well respected in the crypto space, despite recent events. GMX’s team has responded quickly and decisively to the unfortunate attack, and it looks like they are taking all necessary steps to ensure that such incidents don’t happen again. This could be an interesting opportunity for investors who believe in the long-term potential of GMX.
Conclusion
The GMX holder hack, which saw the transfer of nearly $3 million worth of tokens, was a major security breach for the platform. The team at GMX responded quickly and is working hard to strengthen their security measures and prevent similar attacks in the future.
