GMX, a decentralized futures trade, awarded the Collider staff $1 million for locating a bug of their debt monitoring system.
Final 12 months, GMX had a bug that brought on GMX V1 liquidity suppliers to obtain incorrect quotes for the honest worth of tokens, inflicting the value of GLP, the trade’s liquidity supplier token, to diverge from its honest worth.
“Our prime precedence is danger administration. For every place, we implement a complete due diligence course of, which incorporates thorough assessments, relying not solely on exterior sources, but additionally on our personal audits.”
Shlomo Kraus, head of Collider Analysis
Crypto.information has reached out to the GMX staff for remark.
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Following this information, GMX costs rose 4.5% to $38.13, in response to CoinGecko. Nevertheless, the token is down greater than 50% from its all-time excessive of $91.07 in April 2023.
Beforehand, an unidentified GMX dealer exploited the minimal unfold and 0 worth influence of the Avalanche (AVAX) token, manipulating costs and subsequently negatively impacting GLP holders who had offered AVAX liquidity.
Joshua Lim, head of derivatives at Genesis Buying and selling, believes the dealer made a revenue starting from $500,000 to $700,000. He acknowledged that this was not an exploit, however that the dealer was merely utilizing the protocol because it was supposed to work.
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