GMX Whale Wallet Hacked: $3.4m Stolen, Price Drops 3%

• A GMX whale wallet was hacked and approximately 4 million dollars worth of tokens were sold on the open market.
• Following the incident, GMX price dropped by over 3% to $41.09.
• Blockchain analytics firm Certik reported that the stolen tokens were swapped for Ethereum and were being held in an address associated with a phishing attack.

Cryptocurrency trading platform GMX recently fell victim to a major hack, with an estimated $3.4 million worth of tokens stolen from a “whale” wallet. Blockchain security firm Peckshield reported the incident, and an admin on GMX’s official Telegram group Xhiroz confirmed the theft. The tokens were sold on the open market, and CryptoSlate data showed that GMX tanked by over 3% to $41.09 in response.

Blockchain analytics firm Certik reported that the stolen GMX was swapped for Ethereum (ETH). As of press time, the funds were sitting in an address that Etherscan had tagged as being involved in a phishing attack. The GMX team was in contact with the victim of the hack, according to another admin on the group, Tano.

The incident is yet another reminder of the importance of secure wallet and exchange practices. Cryptocurrency hacks and thefts remain a major problem in the blockchain industry, and investors and traders must be wary of the risks posed by malicious actors. GMX’s fall this week serves as a stark warning of the potential losses that can be incurred if security protocols are not maintained.

It is unclear at this time whether or not the stolen funds will be recovered. The GMX team has yet to make a public statement on the matter, and the stolen tokens are still sitting in the address associated with the phishing attack. This incident highlights the importance of blockchain security, and it is likely that other exchanges and platforms will take steps to improve their security measures in the wake of this hack.