On July 9, GMX took nosediving to new and breathtaking depths, the sort you usually see in synchronized swimming or 1970s disaster movies. The crypto token—inconveniently named GMX, which sounds like either a men’s hair gel or a forgotten transmission fluid—fell so hard on Avalanche and Arbitrum you’d think gravity itself was hacked too.
The facts: GMX (GMX) thudded down to $10.20, its lowest since April 7—a throwback no one was nostalgic for. That’s almost 40% erased since its July high, and now 76% cheaper than that dazzling November peak. You know, for bargain hunters who love a little existential dread with their portfolio.
For those just joining: yes, this happened because of a hacker, not the GMX team’s deep commitment to performance art. They confirmed (with all the joy of a kidney stone) in an X post that GMX V1 on Arbitrum had been exploited. Hackers made off with roughly $40 million in tokens, which presumably now reside in a wallet so unknown even Carmen Sandiego doesn’t know its address. In a show of brisk corporate panic, the protocol paused trading on V1 and locked up GLP minting tighter than a small town on Sunday night.
The GLP pool of GMX V1 on Arbitrum has experienced an exploit. Approximately $40M in tokens has been transferred from the GLP pool to an unknown wallet.
Security has always been a core priority for GMX, with the GMX smart contracts undergoing numerous audits from top security…
— GMX 🫐 (@GMX_IO) July 9, 2025
The developers, possibly now seeking work aboard pirate ships, later blamed the bug on how the short average price was calculated in GMX V1. Short averages, it turns out, shouldn’t be calculated using a Magic 8 Ball. They also froze token mining on GMX V2, presumably as a treat for investors who enjoy suspense thrillers.
You’d think that’s the end, but the drama continues. Blockchain security group SlowMist solemnly announced the hack came down to GMX’s “pricing mechanism flaw.” Nothing says reassurance like “flaw in the pricing mechanism” for a financial platform—sort of like hearing your bank stores cash in Jenga towers.
Here’s how the brilliance unfolded: when someone took a short position, it updated not just something minor, but the global short average prices. That created a loophole—imagine if every time you bet on a horse, the odds reset for everyone else. The hackers, clever little devils, used a reentrancy attack to open up giant shorts and blow up the GLP token’s price, then dumped it for profit. It’s a bit like hacking a casino so the slot machines pay out every time you sneeze.
“Through a reentrancy attack, they successfully established massive short positions to manipulate the global average prices, artificially inflating GLP prices within a single transaction and profiting through redemption operations.”
GMX was, once upon a time, a big name in perpetual exchanges—that is, until shinier toys like Hyperliquid and Jupiter swooped in and made market share vanish quicker than dignity at a karaoke bar. Yet it’s still trading millions daily. DeFi Llama says GMX just clocked $179 million in 24 hours and $6.4 billion over 30 days, which is pretty good for a haunted house on blockchain street.
And just so GMX doesn’t feel special: it now joins a 2025 club that no one wants to join. Bybit was hacked for ETH, Coinbase also “misplaced” somewhere between $180 million and $400 million (who’s counting?), and the Cetus Protocol lost $223 million, probably on a bad coin toss.
GMX crypto price analysis
If you like patterns, try this one: GMX got as high as $18.11 in June, just brushing the 23.6% Fibonacci retracement level (Fibonacci, by the way, is just another word for “math you desperately hope works”). Then, not to be outdone, it crashed below $12.63, which used to be a sturdy bottom, but is now mostly a fond memory for technical analysts and drunk optimists. The price didn’t bother stopping at the 50-day or 100-day moving averages, just blew right past both, like a car running every red light on its way to a fire sale.
All signs now say: “path with least resistance is down.” People selling are eyeing $9.70 as the next landing spot, and a flop below that could see things tumbling to $8, or possibly to the sort of abstract negative numbers that exist only in your checking account after a big night out. 🚀😬
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2025-07-09 22:17