GMX Awards $1 Million Bug Bounty to Collider Research Team
GMX, a decentralized perpetual futures trading exchange, has rewarded Collider’s research team with a $1 million bug bounty. The bug was discovered in an internal mechanism that tracks outstanding debt. Although the bug bounty was issued in 2022, the details of the bug have only recently been disclosed. GMX has since fixed the bug to ensure security and accuracy.
Bug Resulted in Inaccurate Quotes for Liquidity Providers
The bug had an impact on liquidity providers using GMX V1, as they received inaccurate quotes regarding the fair value of tokens. Consequently, this led to a deviation in the price of GLP, which is the exchange’s liquidity provider token.
Risk Management and Due Diligence Processes
Shlomo Kraus, head of Collider Research, emphasized that risk management is their top priority. They implement thorough due diligence processes for every position, including extensive reviews and audits from both external sources and their own team.
About Collider and GMX
Collider is an Israeli venture fund that focuses on infrastructure, middleware, and safety within the crypto industry. On the other hand, GMX is an Arbitrum-based decentralized exchange specifically designed for perpetual futures trading. Currently, GMX has approximately $473 million locked in its smart contracts according to DefiLlama.
Hot Take: Bug Bounty Highlights Commitment to Security
The $1 million bug bounty awarded by GMX to Collider’s research team demonstrates their dedication to maintaining a secure trading environment. By incentivizing researchers to uncover vulnerabilities, GMX can promptly address any issues and protect its users’ assets. This proactive approach enhances trust in the platform and showcases GMX’s commitment to risk management and continuous improvement. As the crypto industry evolves, bug bounties play a vital role in strengthening security measures and fortifying decentralized exchanges like GMX.
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