A GMX whale wallet was hacked and lost $4 million in DEX tokens and was sold through the open market, blockchain security firm Peckshield reported.
According to data analysis platform Lookonchain, the hackers took control of 82,519 GMX tokens and exchanged the assets for 2,627 Ether. Then, the attackers cross-chained the assets to the Ethereum network using Hop Protocol and Across Protocol.
The GMX price fell more than 3% to $41.09 after the crash. However, the incident had no lasting impact on the token price as it immediately surged to $41.5 at press time.
An admin on the official GMX Xhiroz Telegram group confirmed the incident:
“A GMX whale wallet was hacked unfortunately and around 4m$ were market sold.”
Another administrator of the Tano group said the group has been in contact with the victim of the hack.
According to analytics firm Certik, the stolen GMX was exchanged for Ethereum. As of press time, the funds are in an address that Etherscan has tagged in connection with a phishing attack.
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