GMX, a decentralized futures trade, awarded the Collider workforce $1 million for locating a bug in its debt monitoring system.
Final yr, GMX had a bug that precipitated GMX V1 liquidity suppliers to obtain incorrect truthful worth quotes for tokens, inflicting the worth of GLP, the trade’s liquidity supplier token, to deviate from its truthful worth.
“Our high precedence is threat administration. For each place, we implement an in depth due diligence course of, which encompasses thorough evaluations, relying not solely on exterior sources but additionally on our personal audits.”
Shlomo Kraus, head of Collider Analysis
Crypto.information has reached the GMX workforce for remark.
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Following this information, GMX costs rose, including 4.5% to $38.13, in response to CoinGecko. Nevertheless, the token is down by over 50% from its $91.07 all-time excessive recorded in April 2023.
Earlier, an unidentified GMX dealer exploited the Avalanche (AVAX) token’s minimal unfold and nil value impression options, manipulating costs and subsequently negatively impacting GLP holders who had equipped AVAX liquidity.
Joshua Lim, the pinnacle of derivatives at Genesis Buying and selling, believes the dealer made a revenue starting from $500,000 to $700,000. He acknowledged that this wasn’t an exploit however somewhat the dealer merely used the protocol because it was designed to function.
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