GMX Suspends Trading and Token Minting After $40 Million Exploit

GMX, a decentralized trading platform, has announced a temporary suspension of trading activities and the minting of its native tokens to prevent further potential exploits. This decision follows a significant exploit that resulted in estimated losses of $40 million. Initial investigations revealed a flaw in the implementation of the pricing mechanism, which allowed attackers to manipulate prices and generate illicit profits. GMX is currently working with cybersecurity experts to assess the extent of the damage and rectify the security vulnerability. The platform has affirmed its commitment to compensating affected users and restoring their confidence. Withdrawals and deposits will remain temporarily disabled until the system is fully secured. Users are advised to monitor GMX’s official channels for the latest updates and announcements.