The decentralized exchange GMX has released a detailed compensation plan for users affected by a massive hack in early July 2025. At that time, due to a vulnerability in the GMX V1 protocol on the Arbitrum network, attackers were able to withdraw approximately $44 million.
This is reported by Business • Media
Compensation in New GLV Tokens
By community decision, all compensations will be issued in new GLV tokens, which are backed by returned assets in the form of WBTC, Ethereum, stablecoins, and $2 million from the GMX DAO. GLV replaces the compromised GLP pool, and affected GLP holders will receive a one-to-one return. The distribution will occur in two types of tokens: GLV [BTC-USDC] and GLV [WETH-USDC].
“~$44M is available for distribution – All affected GLP holders are being made whole
🔹Claim – in two $GLV tokens, optimized for profitability in GMX Liquidity Vaults from V2
🔹GLV tokens consist of ~25% WBTC, 25% ETH, 50% stability
🔹Includes $2M DAO Treasury support and $500K incentives…”
Additional Incentives and Distribution Features
GMX has also established a special fund of $500,000, which will be distributed among users who hold the received GLV tokens in their balance for at least three months. According to the GMX team, this will encourage long-term participation in the new pool.
It is worth noting that after the hack, the hacker agreed to return the stolen funds for a reward of $5 million, which was sent to the GMX DAO for further distribution among the affected users. On July 17, a vote was held regarding the compensation mechanism, and it was then that the decision to pay out in new GLV tokens was approved.
GMX emphasized that the GLV vault supports most GMX V2 markets and demonstrates better profitability compared to the old pools. Moreover, GMX V2 operated normally both during and after the attack — the incident did not affect it.
To participate in the compensation distribution, users can submit a claim through a dedicated web resource. After the compensation program concludes, those who still hold GLP in their balance will be able to sell it on the appropriate platform.