GMX has presented a compensation plan for the victims of the hack totaling $44 million.

The decentralized crypto exchange GMX has introduced a compensation plan for users who were affected by the platform’s hack in early July 2025. Compensation will be provided in GLV coins.

Let us remind you that the crypto exchange was hacked on July 9, 2025, losing about $44 billion. The cause was a vulnerability in the GMX V1 protocol on the Arbitrum network.

Some time after the incident, the exchange stated that the hacker agreed to return the funds for a reward of $5 million. They were directed to the GMX DAO in anticipation of the subsequent distribution.

On July 17, the decentralized autonomous organization launched a vote on the compensation payout mechanism. As a result, it was decided to conduct a distribution in new GLV coins, backed by a pool of returned funds in the form of WBTC, Ethereum, stablecoins, and $2 million from the DAO.

GLV effectively replaces the compromised GLP pool, with users receiving a one-to-one return of coins. According to the published plan, two varieties of GLV will be distributed among them — GLV [BTC-USDC] and GLV [WETH-USDC].

In addition, the exchange announced the establishment of a fund to incentivize individual clients in the amount of $500,000. It will be distributed among those users who will hold the received GLV for three months.

GMX also indicated that the GLV vault supports many GMX V2 markets and outperforms the old pools in terms of yield. At the same time, the GMX V2 platform continued to operate normally during and after the hacking incident. Its incident did not affect

You can leave a claim to participate in the distribution via the link. After this compensation payout plan is completed, users who have GLP remaining in their balance will be able to sell it.