GMX, a decentralized trading platform, has started reimbursing users impacted by a security vulnerability on July 9, where funds were compromised. Learn more about the GMX security incident and its aftermath.
As detailed in an official update on August 13, approximately $44 million is being allocated to GLP holders on Arbitrum
The reimbursement is issued using GLV, a novel token introduced with GMX V2. Qualifying users are set to receive two distinct types of tokens: GLV [BTC
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These newly issued tokens are structured to reflect the original GLP holdings, composed of approximately 25% Bitcoin, 25% Ethereum, and a 50% allocation in stablecoins.
The tokens are accessible for claiming via the GMX platform interface. The compensation package includes both the recovered assets from the exploit and an additional $2 million contribution from GMX corporate funds, reflecting their commitment to ensure complete coverage of user losses.
Going beyond just reimbursement, GMX is offering a $500,000 rewards pool designed for users opting to retain their GLV tokens instead of selling or transferring them immediately.
To be eligible for these rewards, token holders need to maintain their GLV tokens in their wallets without any transactions for a duration of three months. The rewards from the pool will be distributed among all participants who fulfill this holding requirement.
Earlier in August, on August 4th, Hyperliquid successfully repaid almost $2 million to users who faced disruptions due to a brief service outage. Discover the details of how Hyperliquid handled these repayments: Read more about the Hyperliquid refund.