14 Aug 2025, 14:04

Hacked Perp DEX GMX to Repay $44M to Arbitrum GLP Holders After Exploit

Decentralized perpetuals exchange GMX said Wednesday that users hit by last month’s security breach can now claim compensation through its dApp. Key Takeaways: GMX is distributing $44M to fully compensate Arbitrum GLP holders impacted by last month’s $42M exploit. The breach stemmed from a reentrancy vulnerability in GMX V1’s contract structure. Compensation will be in GLV tokens with extra rewards for users who hold them for at least three months. “About $44 million in value is being distributed, making all impacted Arbitrum GLP holders whole and marking a favorable resolution to the security challenge GMX faced,” the project said . The payout combines recovered funds with $2 million from GMX’s treasury. GMX V1 Exploit Drains $42M via AUM Manipulation Vulnerability The incident occurred on July 9, when GMX V1’s GLP pool on Arbitrum was exploited for $42 million. At the time, blockchain security firm PeckShield attributed the loss to a reentrancy vulnerability that let the attacker manipulate the protocol’s assets-under-management (AUM) calculations, enabling them to withdraw more than their deposits. #GMXDeveloper msg pic.twitter.com/miTaxE6OEj — PeckShieldAlert (@PeckShieldAlert) July 9, 2025 GMX also confirmed that the $42 million exploit was caused by a re-entrancy vulnerability within its V1 contracts. Although the affected function was protected by a nonReentrant modifier, it only applied within the same contract, allowing the attacker to bypass this safeguard and manipulate the BTC average short price through the Vault contract. By exploiting this loophole, the attacker artificially drove the GLP price up and profited by redeeming inflated GLP tokens after opening a large position using a flash loan. The vulnerability was tied to how GMX V1 handled pricing calculations across separate contracts, a structure that has been revised in GMX V2, where calculations and executions now occur within the same contract to avoid such risks. In response, GMX paused trading on Avalanche, engaged with security partners and major infrastructure providers, and initiated direct on-chain communication with the exploiter. Hours after the breach, GMX sent an on-chain message offering a 10% white-hat bounty if 90% of the stolen funds were returned, an offer the attacker accepted. Compensation will be issued in GLV, GMX’s upgraded liquidity vault product for V2. Eligible claimants will receive equal portions of GLV [BTC-USDC] and GLV [WETH-USDC], reflecting roughly 25% Bitcoin, 25% Ether, and 50% stablecoins, mirroring the original GLP asset mix. In addition, GMX has launched a $500,000 GLV incentive pool for users who hold their distributed GLV for at least three months without selling or transferring, offering pro-rata rewards to long-term holders. Crypto Hacks, Scams Cost Investors $2.2B in H1 2025: CertiK Crypto investors lost over $2.2 billion to hacks , scams, and breaches in the first half of 2025, driven largely by wallet compromises and phishing attacks, according to CertiK’s latest security report. Wallet breaches alone caused $1.7 billion in losses across just 34 incidents, while phishing scams accounted for over $410 million across 132 attacks. Two major incidents, including Bybit’s $1.5 billion hack in February and Cetus Protocol’s $225 million exploit in May, skewed the year’s losses upward, together accounting for nearly $1.78 billion. Without these, losses align more closely with previous years at around $690 million. Ethereum remained the primary target, suffering over $1.6 billion in losses across 175 events. The report also pointed to rising sophistication of phishing schemes and ongoing risks from social engineering, urging crypto users to verify links, avoid suspicious sites, and use hardware wallets. The post Hacked Perp DEX GMX to Repay $44M to Arbitrum GLP Holders After Exploit appeared first on Cryptonews .

14 Aug 2025, 14:03

DOGE Price Prediction for August 14

Can price of DOGE fix above $0.25 by end of week?

14 Aug 2025, 14:02

Whales' Favorite US-Based Altcoin Awakes with a Rise: Analyst Explains Reasons for the Rise!

Chainlink (LINK), one of the altcoins that are the focus of whales' attention, is making a name for itself with its silent rise. LINK price has increased by 38.9% in the last week and has also broken new records. Cryptocurrency analysis platform Santiment stated that LINK earnings reached an eight-month high, while LINK saw the most whale transactions in the last seven months. Why is Chainlink Rising? While analyzing the reasons behind LINK's surge, popular crypto analyst Miles Deutscher also provided an updated analysis. He stated that the biggest reason behind the surge is Chainlink's facilitation of blockchain integration with Wall Street giants. The analyst said that Chainlink’s partnership with US-based Fortune 500 company Intercontinental Exchange (ICE) to bring foreign exchange and precious metals data onto the chain is among the biggest reasons for the rise. Secondly, the analyst stated that the rise was due to the launch of the Chainlink Reserve program. Related News: US-Based Surprise Altcoin Announces Reserve Launch! "Will Not Be Sold for a Long Time!" The analyst pointed to the rise of tokenized real-world assets (RWAs) as a third reason. Accordingly, LINK is the market leader with an 84% share of the entire Oracle market on Ethereum. It was stated that another reason that fueled the rally was that whales were actively buying LINK. Miles Deutscher recently suggested that the LINK price could rise even higher. “LINK could be the most obvious big mover this cycle,” Deutscher said. “But most people will miss it.” https://x.com/milesdeutscher/status/1955736122228924614 *This is not investment advice. Continue Reading: Whales' Favorite US-Based Altcoin Awakes with a Rise: Analyst Explains Reasons for the Rise!

14 Aug 2025, 14:00

Bitcoin Hits $124,400 ATH, Ethereum Next In Line, What’s Driving It?

Bitcoin hit a new all-time high (ATH) on August 13, providing a bullish outlook for the leading cryptocurrency. Ethereum has also recorded remarkable gains in the last seven days, bringing it close to its ATH. This development has occurred thanks to macro factors, which are boosting risk-on sentiment. Bitcoin Hits New ATH While Ethereum Records Massive Gains CoinMarketCap data shows that Bitcoin has reached a new ATH of $124,400, surpassing its previous ATH of around $123,091, which it hit just a month ago. Meanwhile, Ethereum is up almost 30% in the last seven days and is now just about 2% away from its ATH of $4,891. With the crypto market boasting this bullish momentum, ETH is expected to reach a new ATH sooner rather than later. Related Reading: Pundit Predicts ‘Near Term’ Bitcoin And Ethereum Prices, There’s Still Room To Run These rallies for Bitcoin and Ethereum have occurred on the back of positive macro developments such as the U.S. CPI data, which has boosted hopes of a September Fed rate cut. The July CPI inflation data came in at 2.7%, which showed that inflation in the country was steady. This reading was also lower than the expected 2.8%. Meanwhile, earlier on, the July job data had suggested that the U.S. labor market was weakening after nonfarm payrolls rose to 73,000, lower than the expected 147,000. Meanwhile, May and June figures were revised to 19,000 and 14,000 from 144,000 and 147,000, respectively. These developments have proven bullish for Bitcoin and Ethereum as the odds of a 25-basis-point (bps) September Fed rate cut have reached as high as 99%, according to CME FedWatch. These odds are now at 95% while there is a 4.2% chance of a 50 bps, which would be more bullish for these crypto assets if it happens. Rate cuts inject more liquidity into the market and boost investors’ appetite for risk-on assets like BTC and ETH. Higher Prices Still Likely For BTC Crypto analyst Ezy said that the Bitcoin price is in the ‘Sign of Strength’ phase, signaling that this is the beginning of a major bullish move after a period of accumulation by whales. The analyst added that the first target in this phase is typically the 1.618 Fibonacci, which is around $130,000. Related Reading: None Of These 30 Bitcoin Bull Market Top Indicators Have Been Triggered Meanwhile, the Ezy stated that the second target is at the 2.0 Fibonacci level, near $145,000, and the final target is around $166,000. His accompanying chart showed that Bitcoin can reach these targets between September and October, around when the monetary easing cycle is expected to begin. At the time of writing, the Bitcoin price is trading at around $122,600, up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Pixabay chart from Tradingview.com

14 Aug 2025, 14:00

Canary Capital advances Trump Coin ETF plans – Details inside!

Canary Capital registers Trump Coin ETF, sparking optimism as token jumps 10%, still 64% below peak.

14 Aug 2025, 14:00

Cardano Hits New Milestone As Grayscale Moves Forward With ETF Application

Grayscale has taken its first official step toward launching a Cardano (ADA) exchange-traded fund (ETF) , registering the Grayscale Cardano Trust in Delaware. The legal filing marks the start of the process, and an approval from the SEC could draw interest from both institutional and retail investors who value the cryptocurrency’s scalable and sustainable blockchain technology. Cardano Moves Closer To ETF Launch As Grayscale Expands Portfolio On Tuesday, Grayscale officially filed to establish the Grayscale Cardano (ADA) Trust ETF as a statutory trust. Following the public filing, Cardano surged to an over five-month high of more than 15% to $0.987 on Thursday. The CSC Delaware Trust Company was named as the registered agent in Wilmington, overseeing the legal structure. Grayscale chose Delaware as the location for registration because of its strong corporate laws and efficient trust structures, which make it a preferred base for many financial entities. The Cardano Trust registration creates the legal entity needed to support a potential Cardano ETF. With the trust now established, Grayscale can prepare for the next stage, which examines whether the product meets the requirements for market surveillance, asset custody, valuation transparency, and investor protection. Only after meeting these standards could the ETF application move toward launch. The Delaware registration allows the company to position itself for federal filings such as the S-1 or 19b-4 forms. These are required to list an ETF on U.S. exchanges and trigger a formal SEC review process. Regulatory Hurdles Remain Amid Expanding Crypto ETF Plans While the trust registration is in progress, the SEC approval is still needed before the ETF can launch. The road from registration to launch is rarely quick, and Grayscale knows it. The SEC has been slow to approve crypto ETFs , often taking months or longer to make a decision. The push into a Cardano trust could be part of a broader strategy to expand into crypto ETFs. Grayscale has already filed for Dogecoin, Solana, and XRP ETFs, but none of them has gotten approval yet. The SEC has extended the deadline for an XRP ETF decision to October 18, 2025, while it now expects to decide on the Solana ETF in November 2025. Approval delays from the SEC show how careful the agency is with new crypto investment products, even as investor demand rises. Market participants are keen to see more crypto-based ETFs. Cardano, known for its proof-of-stake blockchain design , emphasizes scalability and sustainability, which could appeal to a broad investor base once regulatory approvals are in place. By locking in the trust registration now, Grayscale guarantees it is ready to act quickly if and when the SEC starts approving more crypto ETFs. While the exact timeline for a Cardano ETF remains uncertain, taking this first step gives the company an advantage in being ready to launch once it clears regulatory barriers.