GMX Whale address loses $3.4M in hack, GMX falls 3%

A GMX whale wallet was hacked for $3.4 million of the decentralized exchange(DEX) tokens and sold through the open market, blockchain security firm Peckshield reported.

MX price fell by over 3% to $41.09 following the incident, CryptoSlate data showed.

An admin on  GMX's official Telegram group Xhiroz confirmed the incident. Xhiroz wrote:

 “A GMX whale wallet was hacked unfortunately and around 4m$ were market sold.”

Another admin on the group Tano said the team was in contact with the victim of the hack.

According to blockchain analytical firm Certik, the stolen GMX was swapped for Ethereum (ETH). As of press time, the funds are sitting in an address Etherscan has tagged to be involved in a phishing attack.

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Oluwapelumi Adejumo

Senior Reporter • CryptoSlate

Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.

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