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GMX Paid A Hefty Prize As a result of Of This Flaw

by SB Crypto Guru News
September 30, 2023
in Crypto Updates
Reading Time: 3 mins read
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GMX, a decentralized trade, awarded Collider Analysis a $1 million bug bounty in 2022. This payout was in recognition of their discovery of a important bug in GMX’s good contracts that straight affected how the protocol tracks excellent debt.

The Bug Affecting GMX And GLP

GMX has not supplied extra info on how the bug was patched and when. Nonetheless, the DEX operator stated the bug negatively impacted GMX v1 liquidity suppliers (LPs) because the code led to inaccuracies in quotes associated to “the truthful worth of tokens.” Particularly, the bug affected the World Liquidity Pool (GLP), inflicting it to deviate from its truthful worth. 

Since GMX helps as much as 50X leverage, a system tracks debt borrowed by merchants and the way it’s repaid. It’s good contract-driven, and the dealer enters into debt for each leveraged place. If costs transfer in opposition to them, they’re liquidated, and the margin securing the leveraged place is transferred to the protocol.

Any disruption to this mechanism can severely have an effect on GMX, impacting income and disincentivizing liquidity suppliers from partaking.

In September 2022, a flaw affecting GLP and impacting the DEX’s “minimal payment” and “zero worth affect” options noticed an unidentified exploiter make manner with over $570,000 from the AVAX/USD market. 

AVAX price on September 29. Last year this pair was exploited after a flaw in GMX| Source: AVAXUSDT on Binance, TradingView
AVAX worth on September 29| Supply: AVAXUSDT on Binance, TradingView

By deploying on Arbitrum, a layer-2, and Avalanche, a excessive throughput and low-fee blockchain, the protocol helps low-fee swapping powered by GLP, a liquidity pool holding all belongings traded on GMX. From the GLP, liquidity suppliers who may have been considerably impacted can earn charges from swap charges, spreads from leverage buying and selling, and each time there’s asset rebalancing.

Bounty Program Can Reward Up To $5 Million

Additional particulars present that GMX’s bug bounty program focuses on guaranteeing their good contracts and software perform as designed with out weak point, contemplating the trustless nature of swaps. The aim is to forestall theft of person funds by way of numerous means, together with unauthorized transfers, worth manipulation of GLP, freezing, and different risk vectors.

Every time there’s a flaw, and the white hacker identifies it, the GMX bug bounty program will distribute rewards relying on the flaw’s severity. Nonetheless, any submission should accompany a report demonstrating how the code error impacts the protocol earlier than being reviewed and the reward distributed.

Even so, in GMX, all important good contract vulnerabilities are topic to a ten% cap on the potential harm it will have induced. The utmost bounty paid to builders who pick important code flaws is $5 million.

Function picture from Canva, chart from TradingView





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Tags: Bitcoin NewsCrypto NewsCrypto UpdatesFlawGMXHeftyLatest News on CryptoPaidPrizeSB Crypto Guru News
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