GMX, a decentralized exchange (DEX), has begun compensating users who lost funds in a security breach that occurred on July 9.
According to an August 13 announcement, around $44 million is being distributed to affected holders of GLP on Arbitrum
$0.5047
, using a new token system tied to GMX’s upgraded platform.
Compensation is being issued in a new token called GLV, which is part of GMX’s V2 system. Eligible users will receive two types of tokens: GLV [BTC
$118,468.83
-USDC
$1.00
] and GLV [WETH
$4,613.88
-USDC
$1.00
].
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These tokens are designed to give holders the same type of exposure they originally had with GLP, roughly 25% Bitcoin, 25% Ethereum, and 50% in stablecoins.
The funds can be claimed through the GMX app. This amount includes assets recovered after the exploit, along with an extra $2 million provided by GMX from its treasury. According to the team, the goal is to fully cover the losses of all affected users.
In addition to the repayment, GMX offers a $500,000 incentive pool to users who choose to hold their GLV tokens instead of selling or transferring them.
To qualify, users need to keep their tokens untouched for three months. Rewards from this pool will be split among those who meet the holding condition.
On August 4, Hyperliquid refunded almost $2 million to users affected by a short service interruption. How were the refunds issued? Read the full story.
