Slow fog: The GMX theft is due to the manipulation of the GLP price, where attackers created large short positions through re-entrancy to manipulate the global average price.
On July 10, Slow Mist's Yu Xian stated that "the fundamental reason for the theft of 42 million dollars from GMX last night is that GMX v1 immediately updates the global short average price when handling short positions (globalShortAveragePrices), and this global average price directly affects the calculation of total assets under management (AUM), subsequently leading to the manipulation of GLP Token prices. The attacker exploited this design flaw by using Keeper to activate the timelock.enableLeverage feature ( to create the necessary conditions for large short orders ), successfully creating large short positions through reentrancy to manipulate the global average price, artificially raising the GLP price in a single transaction and profiting from redemption operations."
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Slow fog: The GMX theft is due to the manipulation of the GLP price, where attackers created large short positions through re-entrancy to manipulate the global average price.
On July 10, Slow Mist's Yu Xian stated that "the fundamental reason for the theft of 42 million dollars from GMX last night is that GMX v1 immediately updates the global short average price when handling short positions (globalShortAveragePrices), and this global average price directly affects the calculation of total assets under management (AUM), subsequently leading to the manipulation of GLP Token prices. The attacker exploited this design flaw by using Keeper to activate the timelock.enableLeverage feature ( to create the necessary conditions for large short orders ), successfully creating large short positions through reentrancy to manipulate the global average price, artificially raising the GLP price in a single transaction and profiting from redemption operations."