Decentralized Exchange GMX has announced a detailed compensation plan for users affected by the hacker attack in early July 2025, during which approximately $44 million was stolen. Compensation will be provided in new GLV tokens, which will replace the compromised GLP pool.
This is reported by Finway
Refunds and GLV Distribution Structure
After the hacker attack that occurred on July 9 due to a vulnerability in the GMX V1 protocol on the Arbitrum network, the exchange reached an agreement with the hacker for the return of funds. The perpetrator agreed to return all stolen assets for a reward of $5 million. The recovered funds were transferred to the GMX DAO for further distribution among the affected users.
By July 17, the decentralized autonomous organization launched a vote on the compensation mechanism. The decision was made to distribute in new GLV tokens, backed by the returned funds in the form of WBTC, Ethereum, stablecoins, as well as $2 million from the DAO treasury.
“~$44M is available for distribution – All affected GLP holders are being made whole
🔹Claim – in two tokens $GLV, optimized for profitability from GMX Liquidity Vaults from V2
🔹 GLV tokens equal ~25% WBTC, 25% ETH, 50% stability
🔹Includes $2M DAO Treasury support $500K incentives…”
GLP holders will receive GLV at a one-to-one ratio. There are two types of tokens: GLV [BTC-USDC] and GLV [WETH-USDC], which are backed by WBTC, ETH, and stablecoins, respectively. This will help restore user balances as much as possible after the incident.
Additional Incentives and Future Operations of the Exchange
In addition to the main compensation, GMX has created a special fund of $500,000 to incentivize users who will hold the received GLV for at least three months. This approach is intended to encourage long-term token holding and increase trust in the platform.
GMX also emphasized that the new GLV vaults support most of the GMX V2 markets and demonstrate higher profitability compared to the old pools. The GMX V2 platform continued to operate stably even during the attack and was not affected by the attackers.
Users eligible for compensation can submit an application to participate in the distribution via this link. After the compensation program concludes, those who still hold GLP will be able to realize them through sales.