GMX completes compensation plan for V1 vulnerability impact, $44 million will be distributed to affected Arbitrum GLP liquidity providers

GMX announced the successful completion of its compensation program for the impact of the GMX V1 vulnerability, distributing approximately $44 million to affected Arbitrum GLP liquidity providers. Users can apply for compensation through the GMX dApp and receive GLV tokens, including GLV [BTC-USDC] and GLV [WETH-USDC], with a similar asset allocation to the original GLP. Additionally, users who hold GLV for at least three months will receive a $500,000 retention reward from the GMX DAO. GMX V2 was unaffected and currently boasts billions of dollars in weekly trading volume. Previously, GMX announced that it had suspended trading, GLP minting, and redemption on GMX V1, citing the loss of approximately $40 million in theft.