GMX Opens $44M Compensation Claims for GLP Holders After July Exploit

Decentralized perpetuals exchange GMX announced that affected users can now claim approximately $44 million in compensation through its dApp. The payout fully reimburses Arbitrum GLP holders who lost funds during the July 9 security incident.

The compensation includes returned GLP plus a $2 million top-up from GMX's treasury. Users will receive payments through GLV, the upgraded liquidity vault for GMX V2. GMX detailed the completion of the compensation plan in a Substack post on August 13. The company confirmed that “claims are now live” for eligible liquidity providers and emphasized that the distribution fully compensates every affected GLP LP.

Eligible wallets will receive two GLV tokens in equal amounts: GLV [BTC-USDC] and GLV [WETH-USDC]. The distribution mirrors GLP's original makeup with roughly 25% WBTC, 25% ETH, and 50% stablecoins.

The exploit hit GMX V1's GLP pool on Arbitrum on July 9, 2025. A reentrancy vulnerability allowed an attacker to manipulate the AUM calculation and withdraw excess funds, causing about $42 million in losses. The attacker later accepted a 10% white-hat bounty and returned the stolen funds.

GMX also introduced a $500,000 GLV incentive pool for users who keep their distributed GLV tokens for at least three months. Rewards will be allocated proportionally to holders who do not sell or transfer their tokens during that period.

The compensation marks the end of the July exploit aftermath. Users who held GLP tokens on Arbitrum during the incident can now access the claims interface on GMX's platform to retrieve their funds through the new GLV token system.