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GMX V1 Perps

avoid.net/gmx-v1-perps→28/100·82% conf.
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anchored·5HMG9R…yRNB

Summary

GMX V1 was a decentralized perpetual exchange on Arbitrum and Avalanche that operated from September 2021 until July 2025, when a reentrancy exploit drained approximately $42 million from its GLP liquidity pool. The protocol has since disabled all V1 trading and GLP minting; it is no longer an active product, with users directed to GMX V2, which was unaffected by the exploit.

Connected Entities

1 entities
Organizations
□GMX V1 Perps
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    Timeline(12 events)

    April 2021

    ABDK Consulting completes audit of early Gambit/GMX contracts prior to launch.

    6 September 2021

    GMX V1 launches on Arbitrum, evolving from the Gambit Financial protocol on BNB Chain.

    2022

    GMX expands to Avalanche C-Chain, enabling GLP liquidity and perpetual trading on a second network.

    18 September 2022

    Attacker exploits GMX V1's zero-slippage oracle pricing on the AVAX/USD market, extracting approximately $565,000 from GLP liquidity providers by manipulating external AVAX prices.

    October 2022

    GMX caps AVAX open interest (long: $2M, short: $1M) in response to the price manipulation exploit.

    2022

    GMX awards a $1 million bug bounty to Collider research for discovering a critical vulnerability in the short position tracking system.

    May 2023

    GMX V1 TVL peaks at approximately $700 million, representing roughly 15% of total Arbitrum TVL.

    2024

    Abracadabra.money loses $13 million in an exploit targeting its lending cauldrons that used GMX V2 GM tokens as collateral. GMX's own contracts are not compromised.

    9 July 2025

    Reentrancy exploit drains approximately $42 million from GMX V1's GLP pool on Arbitrum via a vulnerability in PositionManager.executeDecreaseOrder(). GMX immediately halts V1 trading and GLP minting/redemption on Arbitrum and Avalanche.

    9 July 2025

    GMX offers a 10% white-hat bounty (~$4.2 million) with a 48-hour deadline for return of 90% of stolen funds.

    11 July 2025

    Attacker sends an on-chain message accepting the bounty terms and begins returning funds. GMX token price rises approximately 14% on the news.

    July 2025

    Attacker returns approximately $37 million to the GMX multisig, retaining a $5 million bounty. GMX V1 remains permanently disabled.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain20 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 20 of 26 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:47 AM

    last updated: 8/30/2026, 5:14:12 AM

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