Yet another exploit has hit the crypto ecosystem.
Decentralized finance (DeFi) protocol’s GMX native token’s whale has lost around $3.5 million worth of GMX assets during a recent hack.
On January 3rd, several crypto community members noticed a suspicious movement of GMX tokens.
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Crypto and blockchain security firms, CertiK and PeckShield, were quick to investigate the matter.
Nevertheless, Lookonchain revealed that the malicious hacker used Across Protocol and Hop Protocol to cross-chain crypto assets to the Ethereum network.
The GMX protocol’s team used Telegram to confirm the news about the GMX whales exploit, noting that the protocol itself was not affected. The GMX Telegram’s group moderator has claimed that GMX’s team contacted the whale.
It is worth noting that there is no information about how the hacker accessed GMX whale’s crypto assets.
At the time of writing, GMX retails for $41.65, recording a 1.52% increase in the last 24 hours. It is worth noting that at one point, GMX’s token price fell to $38.70. It can be assumed that a sudden price decrease was influenced by various reports, which alerted the community about the exploit.
The crypto community on Twitter were quick to comment on the matter, with one user, dubbed Louis Cooper, stating that this hack shows “the dark side of self-custodial wallets.”