GMX Compensates Users With $44M in New Tokens Post-Exploit

GMX Compensates Users With $44 Million in New Tokens Post-Exploit

Written by Aaron S.,

Editor-In-Chief

Last Updated: August 14, 2025

Key Takeaways

GMX is distributing $44 million to GLP holders affected by the July 9 security breach, using new GLV tokens;
Compensation includes two types of GLV tokens that match the original GLP asset mix;
Users who hold their GLV for 3 months can earn a share of a $500,000 bonus pool.

Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥

BITDEGREE IN YOUR SOCIAL FEED

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 ARB $0.5364 , 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 BTC $119,859.34 -USDC USDC $1.00 ] and GLV [WETH WETH $4,722.58 -USDC USDC $1.00 ].

What is a Bitcoin Faucet? Pros & Cons Explained (With Animations)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

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.