GMX V1 Perps

2021-04-01

ABDK Consulting completes audit of early Gambit/GMX contracts prior to launch.

2021-09-06

GMX V1 launches on Arbitrum, evolving from the Gambit Financial protocol on BNB Chain.

2022-01-01

GMX expands to Avalanche C-Chain, enabling GLP liquidity and perpetual trading on a second network.

2022-09-18

Attacker exploits GMX V1's zero-slippage oracle pricing on the AVAX/USD market, extracting approximately $565,000 from GLP liquidity providers by manipulating external AVAX prices.

2022-10-01

GMX caps AVAX open interest (long: $2M, short: $1M) in response to the price manipulation exploit.

2022-01-01

GMX awards a $1 million bug bounty to Collider research for discovering a critical vulnerability in the short position tracking system.

2023-05-01

GMX V1 TVL peaks at approximately $700 million, representing roughly 15% of total Arbitrum TVL.

2024-01-01

Abracadabra.money loses $13 million in an exploit targeting its lending cauldrons that used GMX V2 GM tokens as collateral. GMX's own contracts are not compromised.

2025-07-09

Reentrancy exploit drains approximately $42 million from GMX V1's GLP pool on Arbitrum via a vulnerability in PositionManager.executeDecreaseOrder(). GMX immediately halts V1 trading and GLP minting/redemption on Arbitrum and Avalanche.

2025-07-09

GMX offers a 10% white-hat bounty (~$4.2 million) with a 48-hour deadline for return of 90% of stolen funds.

2025-07-11

Attacker sends an on-chain message accepting the bounty terms and begins returning funds. GMX token price rises approximately 14% on the news.

2025-07-01

Attacker returns approximately $37 million to the GMX multisig, retaining a $5 million bounty. GMX V1 remains permanently disabled.