GMX, a decentralized futures exchange, awarded the Collider team $1 million for finding a bug in their debt tracking system.
Last year, GMX had a bug that caused GMX V1 liquidity providers to receive incorrect quotes for the fair value of tokens, causing the price of GLP, the exchange’s liquidity provider token, to diverge from its fair value.
“Our top priority is risk management. For each position, we implement a comprehensive due diligence process, which includes thorough assessments, relying not only on external sources, but also on our own audits.”
Shlomo Kraus, head of Collider Research
Crypto.news has reached out to the GMX team for comment.
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Following this news, GMX prices rose 4.5% to $38.13, according to CoinGecko. However, the token is down more than 50% from its all-time high of $91.07 in April 2023.
Previously, an unidentified GMX trader exploited the minimum spread and zero price impact of the Avalanche (AVAX) token, manipulating prices and subsequently negatively impacting GLP holders who had provided AVAX liquidity.
Joshua Lim, head of derivatives at Genesis Trading, believes the trader made a profit ranging from $500,000 to $700,000. He stated that this was not an exploit, but that the trader was simply using the protocol as it was intended to work.
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