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DeFi Trader Nets Over $500K by Using DEX GMX to Manipulate Avalanche Token

GMX developers capped open interest for Avalanche tokens to prevent a repeat of the strategy.

By Shaurya Malwa
Updated May 11, 2023, 6:41 p.m. Published Sep 19, 2022, 9:39 a.m.
A savvy decentralized exchange (DEX) trader deployed millions of dollars to manipulate the prices of Avalanche’s AVAX tokens on the GMX DEX. (Jose Miguel/Pixabay)
A savvy decentralized exchange (DEX) trader deployed millions of dollars to manipulate the prices of Avalanche’s AVAX tokens on the GMX DEX. (Jose Miguel/Pixabay)