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![DefiMoon Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1136776548013334529.png) DefiMoon 🦇🔊 [@DefiMoon](/creator/twitter/DefiMoon) on x 22.6K followers
Created: 2025-07-09 15:36:48 UTC

Not sure why $GMX is down XX% on this hack given the GLP is from GMX V1, and today the GLP represents a small overall portion of protocol fees, volume and TVL compared to GMX V2:

GMX V2 fees/volume completely dwarf V1 GLP volume and fees: 

I'm actually quite surprised there was still so much capital in the GLP given the transition from GMX V1 to V2 began in August of 2023.

While the dollar amount of the hack is non-trivial @ $40m, it should have no impact on GMX V2 whatsoever.

Seems a lot of investors have sold GMX thinking the hack was on the entire protocol. Many of the big accounts that first reported on the exploit DID NOT clarify that it was contained to V1 GLP!

Example 1:

Example 2:

![](https://pbs.twimg.com/media/GvbLRsHXQAA8aI0.png)

XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1942971203531976916/c:line.svg)

**Related Topics**
[$40m](/topic/$40m)
[money](/topic/money)
[protocol](/topic/protocol)
[v1](/topic/v1)
[gmx](/topic/gmx)
[hack](/topic/hack)
[$gmx](/topic/$gmx)
[coins defi](/topic/coins-defi)

[Post Link](https://x.com/DefiMoon/status/1942971203531976916)