Another one bites the dust. This time GMX which was failed to withstand hackers. On 9th of July they managed to breach exchange security system and steal $42M.
GMX recommendations for users:
1) "Disable leverage: this can be done by setting Vault.setIsLeverageEnabled(false) or, if Vault Timelock is used, by setting Timelock.setShouldToggleIsLeverageEnabled(false)"
2) "Set all maxUsdgAmounts to "1" by using Vault.setTokenConfig or Timelock.setTokenConfig, to prevent GLP minting"
GMX recommendations for users:
1) "Disable leverage: this can be done by setting Vault.setIsLeverageEnabled(false) or, if Vault Timelock is used, by setting Timelock.setShouldToggleIsLeverageEnabled(false)"
2) "Set all maxUsdgAmounts to "1" by using Vault.setTokenConfig or Timelock.setTokenConfig, to prevent GLP minting"
I think that this thread doesn't belong here. You are not talking about a trade or a trade service, so maybe it's better to move it to another section. Just saying...
Isn't the better to use DEXs instead of CEXs? The answer seems to be obvious.
I don't believe that DEXs are safer from CEXs in terms of security breaches. I love DEXs since they don't have KYC and AML, but are slow in terms of trading since there are not many people using them. Even if CEXs have issues and checks of all kinds, people will not easily start trading on DEXs.