A crypto money whale with a large amount of money in GMX (GMX), a highly preferred altcoin in Turkey, was hacked. The hacker sold the $3.4 million GMX in the whale’s account. Here are the details…
Hack alert for altcoin
According to platforms that monitor on-chain activity such as Lookonchain, PeckShield, a large GMX owner has been hacked. Hacker sold 82,519 GMX in the account. This amount points to approximately 3.4 million dollars. According to the data, the hacker bought 2,627 Ethereum (ETH) in exchange for the GMXs he sold. Then he sent all Ethereums to Hop Protocol and Across Protocol.
Currently, the coin is declining despite increasing trading volume. According to cryptokoin.com data, at the time of writing, GMX is changing hands at $41.65 with a 2% loss. The coin dropped from $42.42 to $38.45. Currently, it ranks 90th with a market capitalization of $3500 million. The cryptocurrency has lost 5.3 percent in the last 7 days and 21.7% in the last 30 days.
GMX was on the rise
Prior to the most recent whale sale announcement, with a 92.62 percent gain from the beginning to end of 2022, GMX was one of the rare projects to deliver positive returns for 2022. GMX is a decentralized exchange on Arbitrum, a layer 2 network running on Ethereum. An automated market maker (AMM) provides liquidity through its multi-asset GLP (GMX Liquidity Provider) that receives prices through an oracle. The price of GLP tokens is calculated by dividing the total supply by the total value of the assets in the liquidity pool. Liquidity providers issue GLP tokens when they add assets to the pool and burn the tokens when they issue liquidity.
After starting 2022 at $21.20, the GMX price rose above $60 in January, dropped to $12.60 by June. Then, it recovered in the second half of the year and managed to reach $58.88 in mid-December. It then dropped to $41. The GMX forecast from the algorithm-based service WalletInvestor showed that the token price could rise to $57,195 by the end of next year, potentially making it into the top 10 cryptocurrencies by 2023. However, it should be underlined that this is an almost impossible estimation. Right now even Bitcoin is struggling to reach $17,000.