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"
Isn't the better to use DEXs instead of CEXs? The answer seems to be obvious.
It’s honestly getting hard to ignore the pattern: another centralized exchange (CEX) falls victim to a major hack, this time GMX losing $42 million. No matter how many security measures are promised, the risks keep surfacing.