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GMX Paid A Hefty Prize Because Of This Flaw

September 30, 2023
in Crypto Updates
Reading Time: 2 mins read
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GMX, a decentralized change, awarded Collider Analysis a $1 million bug bounty in 2022. This payout was in recognition of their discovery of a vital bug in GMX’s sensible contracts that straight affected how the protocol tracks excellent debt.

The Bug Affecting GMX And GLP

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

Since GMX helps as much as 50X leverage, a system tracks debt borrowed by merchants and the way it’s repaid. It’s sensible contract-driven, and the dealer enters into debt for each leveraged place. If costs transfer towards 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 charge” and “zero worth influence” options noticed an unidentified exploiter make method 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 every time there may be asset rebalancing.

Bounty Program Can Reward Up To $5 Million

Additional particulars present that GMX’s bug bounty program focuses on making certain their sensible contracts and software perform as designed with out weak spot, contemplating the trustless nature of swaps. The objective is to forestall theft of consumer funds via numerous means, together with unauthorized transfers, worth manipulation of GLP, freezing, and different risk vectors.

At any time when there’s a flaw, and the white hacker identifies it, the GMX bug bounty program will distribute rewards relying on the flaw’s severity. Nevertheless, 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 vital sensible contract vulnerabilities are topic to a ten% cap on the potential injury it might have triggered. The utmost bounty paid to builders who select vital code flaws is $5 million.

Characteristic picture from Canva, chart from TradingView

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