THE GMX V2 platform is safe and has high post-incident development.
GMX has settled its compensation plan, which is more than $40 million. This move covers every single holder of GLP affected by the new exploit on Arbitrum. This has seen a major recovery milestone achieved on the platform and community, as the eligible users are now able to claim via the GMX decentralised application.
On July 9, 2025, a hacker exploited close to 42 million in assets due to the reentrancy bug in the GLP pool of the GMX v1.
GMX was quick to respond as it immediately contacted the hacker who chose the white hat technique. The attacker released most of the money and got a contract for a bug bounty worth 5 million dollars.
The ultimate $44 million compensation mix is supposed to reimburse the full amount of the damaged holders with repaid funds and $2 million belonging to the DAO treasury of GMX.
Source – X
GMX V2 is a form of payment using GLV tokens, an enhancement to GLP. The initial composition of assets is seen in the following tokens: 25 percent Ethereum (ETH) and 25 percent Wrapped Bitcoin (WBTC), and 50 percent stablecoins. This ensures that users regain a portfolio that is well-balanced and matches their holdings they had before the exploit.
Moreover, GMX has deployed an incentive fund of $500,000 to reward the holders who keep their GLV tokens for at least three months. This fosters long-term stability and confidence in the ecosystem.
GMX V2, the exploit-free sister exchange, is doing well, currently recording billions of dollars weekly in volume, and demonstrates growing liquidity, which is indicative of the market confidence in it as well as in the aftermath of the incident.
GMX is developing customised recoveries of DeFi protocols with the incorporation of GLP. The expected GLP redemptions reopening on Arbitrum should take about 10 days.
Meanwhile, holders will gain liquidity opportunities after the compensation procedure, as they can conventionally sell the leftover GLP when redemptions start again.
Source – X
This is a reaffirmation of the GMX DAO’s commitment to maintaining the community’s openness and safety. The high functionality and reliability of the GMX V2 platform are clear in the speed at which it could switch to the safer platform, which was a aftermath of the incident.
The endgame distribution plan showcases GMX’s efforts to protect its users and safeguard a state-of-the-art decentralised trading experience.
With the official dApp of GMX, affected wallets can now redeem their compensation, ending the painful period and beginning the next stage of trust in the GMX ecosystem.
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