Decentralized perpetual futures trading exchange GMX gave the bounty last year but it is just now being made public.
The bounty was for finding a bug that was affecting pricing for the exchange’s liquidity providers.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Decentralized perpetual futures trading exchange GMX gave a $1 million bug bounty to Collider’s research team for finding a bug in an internal mechanism tracking outstanding debt. The bug bounty was handed out in 2022 but details of the bug are only now being made available.
The bug resulted in liquidity providers on GMX V1 receiving inaccurate quotes on the fair value of tokens. This resulted in the price of GLP, the exchange’s liquidity provider token, moving from its fair value. "Our top priority is risk management. For every position, we implement an extensive due diligence process, which encompasses thorough reviews, relying not only on external sources but also on our own audits,” said Shlomo Kraus, head of Collider Research.
Collider is an Israel-based venture fund focused on infrastructure, middleware and safety in the crypto space. GMX is an Arbitrum-based decentralized exchange focused on perpetual futures trading. It has $473 million of value locked in its smart contracts,© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DappCasino Unveils Comprehensive Guides on Decentralized Gambling: Bridging Traditional and Crypto Gaming WorldsDappCasino Launches a Bespoke New Set Of Casino Reviews Following Up On The Next Big Sites, Benefits, and Risks in The Decentralized Gambling Sphere
Read more »
Using Proof-of-Stake for a Decentralized Credit BureauCryptoeconomics, when it works, creates a hothouse environment to improve legacy financial tools like credit assessments, leading to real consumer and economic gains.
Read more »
Shiba Inu's BONE Token Has Been Renounced. Here's What It MeansThis transition has transformed Shibarium's BONE into a fully decentralized entity
Read more »
Curve founder Michael Egorov settles entire debt position on AaveCurve founder Michael Egorov has settled his remaining debt position on the decentralized lending platform Aave, according to on-chain data.
Read more »
Bitcoin Ordinals creator proposes “Runes”, a replacement for BRC-20 standardBitcoin in the Decentralized Finance (DeFi) space noted stellar growth earlier this year when the network witnessed the arrival of the BRC-20 standard
Read more »
Cryptocurrencies Price Prediction: Bitcoin, Runes & VeChain – American Wrap 26 SeptemberBitcoin Ordinals creator proposes “Runes”, a replacement for BRC-20 standard Bitcoin in the Decentralized Finance (DeFi) space noted stellar growth ea
Read more »