GMX V1 Encounters Serious Security Vulnerability, Fork Projects Need to Quickly Implement Emergency Measures.
According to GMX leadership's response, turning off leverage function and adjusting maxUsdgAmounts parameters are necessary solutions to protect fork projects from fraud and loss risks.
- GMX V1 discovered a serious security vulnerability.
- Leverage function must be immediately disabled to reduce attack risks.
- MaxUsdgAmounts parameter must be set to "1", not "0" to maintain maximum protection threshold.
What Security Vulnerability Did GMX V1 Encounter?
GMX confirmed that the V1 platform's mining version was compromised by an exploitable weakness that endangers fork projects using the same structure. This vulnerability allows fraudulent actions affecting financial stability.
GMX leadership emphasized early identification and community warning to prevent larger damages.
How Can GMX Fork Projects Protect Themselves?
The key principle proposed by GMX experts is to immediately suspend the leverage function. Simultaneously, fork projects must reset all maxUsdgAmounts parameters to "1" to control GLP casting.
Setting maxUsdgAmounts to "0" will cause the project to lose its upper limit protection mechanism, increasing attack and loss risks.
When a security error exists, maintaining the original status or incorrectly setting parameters can increase losses for users and projects. Timely processing steps and strict technical guideline compliance are crucial.
GMX Technical Director, July 2024
Why Are MaxUsdgAmounts Parameters Important for Project Safety?
MaxUsdgAmounts controls the maximum USDG amount usable for trading activities, directly affecting risk limits. Setting it to "1" helps lock the upper limit, preventing GLP creation beyond levels that impact liquidation and stability.
Blockchain expert Nguyen The Minh noted that this is a technical protection mechanism difficult to ignore in fork versions to minimize financial risks.
How Does Disabling Leverage Function Reduce Post-Attack Risks?
Leverage helps increase profits but can also inflate risks if security vulnerabilities exist. Immediately disabling this feature limits leverage exploitation behaviors that create capital imbalances and increase potential losses.
| Measure | Purpose | Risks If Not Implemented |
|---|---|---|
| Disable leverage function | Limit losses from leverage exploitation | Whales can manipulate the system, leading to capital imbalances |
| Set maxUsdgAmounts = "1" | Lock GLP creation limit to ensure safe liquidation | Setting "0" removes limit protection, easily breached |
Maintaining reasonable limit mechanisms in DeFi systems not only protects user assets but also reinforces project reputation and increases community trust.
Blockchain Security Expert Le Van An, July 2024
Frequently Asked Questions
- Where Does GMX V1's Vulnerability Come From and How Dangerous Is It?
- The vulnerability lies in leverage parameter management and maxUsdgAmounts, potentially causing fork projects to lose liquidation control and suffer severe financial damages.
- Why Shouldn't MaxUsdgAmounts Be Set to 0?
- When set to 0, the maximum limit becomes ineffective, causing the project to lose protection mechanisms and become easily breached beyond liquidation limits.
- What Should GMX Fork Projects Do Immediately Upon Discovering the Vulnerability?
- Immediately stop the leverage function and adjust all maxUsdgAmounts values to "1" to lock limits promptly.
- Will Disabling Leverage Affect User Transactions?
- The leverage function is temporarily disabled to ensure safety; users must wait for updates or patches to use it again.
- Who Recommends These Measures?
- Official GMX leadership directly addressed and provided guidelines, and blockchain security experts also made similar recommendations.
