{"post_stream":{"posts":[{"id":11015,"username":"Saurabh","avatar_template":"/user_avatar/gov.gmx.io/saurabh/{size}/1237_2.png","created_at":"2025-07-17T06:39:58.075Z","cooked":"\u003ch2\u003e\u003ca name=\"p-11015-what-happened-1\" class=\"anchor\" href=\"#p-11015-what-happened-1\" aria-label=\"Heading link\"\u003e\u003c/a\u003eWhat Happened\u003c/h2\u003e\n\u003cp\u003eOn July 9, 2025, a user disclosed a live vulnerability in the GMX V1 deployment on Arbitrum. This vulnerability allowed for ~$42 million of the ~$46m value in GLP on Arbitrum to be compromised and withdrawn to an external wallet. Following outreach by GMX, the funds were returned and are now with the DAO, awaiting distribution to the liquidity providers in the Arbitrum GLP vault. The recovered amount, after accounting for a bug bounty and the residual value in GLP, represents the majority of, but not all, the funds in Arbitrum GLP at the time of the incident.\u003c/p\u003e\n\u003cp\u003eThe recovered funds were located on Arbitrum and Ethereum mainnet, and have been converted or retained in stablecoins (FRAX + USDT) to ensure that as much of the value removed from GLP as possible remained intact.\u003c/p\u003e\n\u003cp\u003eEmergency actions were implemented by contributors and committees delegated by the DAO after real-time consultation with key security partners and an assembled war room of experts, established to help navigate this incident. Decisions were made within the delegated authority, including specifically for administering the bug bounty program with Immunefi, but reflecting the specific situation.\u003c/p\u003e\n\u003cp\u003eGMX V1 remains paused on Arbitrum and Avalanche, and any fees generated from the epoch of the incident onwards from GLP are being held in the DAO treasury. While a review and decision from the DAO will be concluded in parallel, feedback from various groups, including contributors, indicates that restarting V1 (GLP) seems challenging, and sunsetting it is the most probable outcome. Efficient distribution plans will include upgrades to burn the GLP tokens in the wallet that discovered the vulnerability and currently holds 29% of all GLP.\u003c/p\u003e\n\u003cp\u003eGMX V2 was, is, and remains unaffected by this vulnerability in the V1 codebase, with trading and liquidity provision continuing as normal.\u003c/p\u003e\n\u003ch2\u003e\u003ca name=\"p-11015-what-now-2\" class=\"anchor\" href=\"#p-11015-what-now-2\" aria-label=\"Heading link\"\u003e\u003c/a\u003eWhat Now\u003c/h2\u003e\n\u003cp\u003eWith the live risk phase behind us, the DAO needs to evaluate and decide on the process to define the scope and options for distributing recovered funds to affected users:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eMethodology of Distribution\u003c/li\u003e\n\u003cli\u003eDAO-Sponsored Reimbursement\u003c/li\u003e\n\u003cli\u003eForm of Distribution\u003c/li\u003e\n\u003c/ol\u003e\n\u003ch3\u003e\u003ca name=\"p-11015-methodology-of-distribution-3\" class=\"anchor\" href=\"#p-11015-methodology-of-distribution-3\" aria-label=\"Heading link\"\u003e\u003c/a\u003eMethodology of Distribution\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eReconstituting GLP itself\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eTheoretically possible, but this approach is practically unworkable.\u003c/li\u003e\n\u003cli\u003eDuring the exploitation of the vulnerability, the GLP token balances were altered, and further changes occurred through mints and redeems after the incident. These changes need to be fairly accounted for.\u003c/li\u003e\n\u003cli\u003eNumerous DeFi protocols on Arbitrum are built on GLP, and they may face issues due to the altered values of the assets in GLP. Resolving this would require tailored solutions\u003c/li\u003e\n\u003cli\u003eAll of this would be subject to a lengthy complete re-audit of V1, including all new changes.\u003c/li\u003e\n\u003c/ul\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eClaim + Redeem Process\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eEstablish an audited claim contract that would allow GLP holders to receive the distribution of recovered proceeds, plus any DAO-provided funds to reconstitute the full value of the vault\u003c/li\u003e\n\u003cli\u003eEnable users to claim residual proceeds in GLP directly from the vault, while aiming to create no significant difference between those who have already redeemed and those who have not, thus reducing overall complexity.\u003c/li\u003e\n\u003cli\u003eAudits of a claim contract that includes the ability to distribute multiple tokens are much less complex and don’t have the surface area of GMX V1. This reduced complexity allows for quicker recovery, especially for those funds not in smart contracts.\u003c/li\u003e\n\u003cli\u003eConduct a manual process for all smart contracts interacting with V1, with a proposed time limit of 6 months, aiming to minimise overhead for edge cases.\u003c/li\u003e\n\u003cli\u003eA claim contract can also require acceptance that receiving such distribution constitutes the full and only claim against the GMX DAO and its affiliates.\u003c/li\u003e\n\u003c/ul\u003e\n\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3\u003e\u003ca name=\"p-11015-dao-sponsored-reimbursement-4\" class=\"anchor\" href=\"#p-11015-dao-sponsored-reimbursement-4\" aria-label=\"Heading link\"\u003e\u003c/a\u003eDAO-Sponsored Reimbursement\u003c/h3\u003e\n\u003cp\u003eThe numbers shared below are preliminary, but provide the DAO with a reasonable estimate of their order of magnitude. Contributors may provide further updates as they become available.\u003c/p\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003e\u003c/th\u003e\n\u003cth\u003eUSD (millions)\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue of GLP at time of incident\u003c/td\u003e\n\u003ctd\u003e46.0m\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003c/td\u003e\n\u003ctd\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRecovered Funds held in stablecoins\u003c/td\u003e\n\u003ctd\u003e40.1m\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eResidual value remaining in GLP\u003c/td\u003e\n\u003ctd\u003e3.0m\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eV1 Fees segregated from incident\u003c/td\u003e\n\u003ctd\u003e0.9m\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eResidual Shortfall (+/-)\u003c/td\u003e\n\u003ctd\u003e2.0m\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003cp\u003eThe above summary estimates a shortfall of ~2.0m for Arbitrum GLP holders compared to the available assets in GLP prior to the incident on July 9th.\u003c/p\u003e\n\u003cp\u003eThe DAO is committed to paying bounties through the formal \u003ca href=\"https://immunefi.com/bug-bounty/gmx/information/\"\u003eImmunefi \u003c/a\u003eprogram, following an approved process established through consultation between contributors and the Security Committee. Due to the sequence of events, this security incident was handled similarly to an Immunefi bounty, as recommended by all experts involved, including the Security Committee, although it could not adhere to the standard process.\u003c/p\u003e\n\u003cp\u003eOver time, GMX DAO has built up a treasury of diverse assets, formed from the historical floor price fund established from proceeds of GMX V1, the ongoing 10% of GMX V2 fees directed into the treasury, along with other sources.\u003c/p\u003e\n\u003cp\u003eOptions:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eMake distribution contracts available to GLP holders for the recovered funds, enabling them to claim residual proceeds from GLP (94% of pre-incident value)\u003c/li\u003e\n\u003cli\u003eIn addition to funds recovered and residual in GLP, utilise segregated V1 fees from the incident along with treasury funds (inclusive of stables, ETH, GLV, and GMX) to reconstitute amounts materially similar to the 46m in GLP before the incident\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3\u003e\u003ca name=\"p-11015-form-of-distribution-5\" class=\"anchor\" href=\"#p-11015-form-of-distribution-5\" aria-label=\"Heading link\"\u003e\u003c/a\u003eForm of Distribution\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eDistribution as GLV\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eThis approach involves utilising the available funds to create approximately equal exposure to GLV [WETH-USDC] and GLV [WBTC-USDC], or potentially new GLVs with alternative stablecoins\u003c/li\u003e\n\u003cli\u003eThis method would return assets to liquidity providers that are most similar in economic exposure to those they previously held in GLP, and allow them to continue earning during the establishment period and until the eventual claim.\u003c/li\u003e\n\u003cli\u003eMany GLP holders are long-term investors who may not interact with the protocol for months at a time. This ensures they are not left without exposure during these periods, which can last for months or longer until claims are made.\u003c/li\u003e\n\u003c/ul\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eDistribution as Stablecoins\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eThis method simplifies accounting, as the mapped value will remain consistent over time, regardless of changes in the underlying assets\u003c/li\u003e\n\u003cli\u003eThe majority of the recovered funds are already held in stables\u003c/li\u003e\n\u003cli\u003eAny unclaimed funds would, in theory, either remain in stablecoins indefinitely or be allocated as determined by the DAO\u003c/li\u003e\n\u003c/ul\u003e\n\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe administration of the amounts and the distribution process, as determined by the DAO, will be undertaken by contributors in consultation with the Security Committee, which holds the majority of the recovered funds and will execute the requisite transactions.\u003c/p\u003e\n\u003cp\u003eThe distribution process may also involve the DAO making transitional investments to purchase additional GLP, to help facilitate the orderly closure of any remaining liquidity for user redemption, depending on the pace of open positions closing out.\u003c/p\u003e\n\u003ch2\u003e\u003ca name=\"p-11015-next-steps-6\" class=\"anchor\" href=\"#p-11015-next-steps-6\" aria-label=\"Heading link\"\u003e\u003c/a\u003eNext Steps\u003c/h2\u003e\n\u003cp\u003eAs next steps, we would like to initiate discussions regarding the above proposal and seek community feedback over the course of the week. Once we gather input from the community, we can present a finalised set of options for formal consideration by the DAO.\u003c/p\u003e","post_number":1,"post_type":1,"posts_count":33,"updated_at":"2025-07-17T06:39:58.075Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":327,"reads":65,"readers_count":64,"score":1763.0,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://immunefi.com/bug-bounty/gmx/information/","internal":false,"reflection":false,"title":"GMX Bug Bounties | Immunefi","clicks":19},{"url":"https://gov.gmx.io/t/glp-distribution-plan-of-action/4703","internal":true,"reflection":true,"title":"GLP Distribution - Plan of Action","clicks":5}],"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":4}],"moderator":true,"admin":true,"staff":true,"user_id":1634,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/1","calendar_details":[],"reactions":[{"id":"heart","type":"emoji","count":4}],"current_user_reaction":null,"reaction_users_count":4,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null,"can_vote":false},{"id":11016,"username":"Jonezee","avatar_template":"/user_avatar/gov.gmx.io/jonezee/{size}/1238_2.png","created_at":"2025-07-17T10:21:23.665Z","cooked":"\u003cp\u003eNot a delegate myself, but I’d lean towards not restarting GLP, considering trust in it was damaged, and trading volume on V1 was already dwindling.\u003c/p\u003e\n\u003cp\u003eIntuitively, I’d prefer making GLP holders whole, out of principle. Though it’ll take a significant chunk out of the Treasury. Regarding the assets to distribute; both options have their advantages. Will ponder it more.\u003c/p\u003e","post_number":2,"post_type":1,"posts_count":33,"updated_at":"2025-07-17T10:21:23.665Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":4,"reads":49,"readers_count":48,"score":104.8,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":3}],"moderator":true,"admin":true,"staff":true,"user_id":55,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/2","reactions":[{"id":"heart","type":"emoji","count":3}],"current_user_reaction":null,"reaction_users_count":3,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11017,"username":"kuangren078","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/k/5f8ce5/{size}.png","created_at":"2025-07-17T10:31:00.136Z","cooked":"\u003col\u003e\n\u003cli\u003eCreating GLV for fund return benefits the GMX liquidity pool. However, during this period, the token may experience a significant price increase. Creating an LP at this time could cause users to assume more risk. Additionally, processing the fund distribution would take longer, potentially further eroding user trust.\u003c/li\u003e\n\u003cli\u003e**Returning funds directly in stablecoin will undoubtedly reduce platform liquidity in the short term. However, loyal users who receive the funds will proactively reinvest them into a more secure GLV over the long term. Furthermore, the fund return plan can be concluded in the most expedited manner.\u003cbr\u003e\nPS：Will the proposal on ARCHI be consolidated and resolved together?\u003c/li\u003e\n\u003c/ol\u003e","post_number":3,"post_type":1,"posts_count":33,"updated_at":"2025-07-17T10:31:00.136Z","reply_count":2,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":1,"reads":51,"readers_count":50,"score":25.2,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":2669,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/3","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11018,"username":"kuangren078","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/k/5f8ce5/{size}.png","created_at":"2025-07-17T10:35:14.498Z","cooked":"\u003cp\u003eAs for the funding gap, I think it’s acceptable for users to bear 5%, because users should fully understand the risks and bear the main responsibility when using the platform (not GMX’s active evil)\u003c/p\u003e","post_number":4,"post_type":1,"posts_count":33,"updated_at":"2025-07-17T10:35:14.498Z","reply_count":0,"reply_to_post_number":3,"quote_count":0,"incoming_link_count":1,"reads":50,"readers_count":49,"score":45.0,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"reply_to_user":{"id":2669,"username":"kuangren078","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/k/5f8ce5/{size}.png"},"bookmarked":false,"actions_summary":[{"id":2,"count":2}],"moderator":false,"admin":false,"staff":false,"user_id":2669,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/4","reactions":[{"id":"heart","type":"emoji","count":2}],"current_user_reaction":null,"reaction_users_count":2,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11020,"username":"ReverseTango","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/r/838e76/{size}.png","created_at":"2025-07-17T14:13:54.165Z","cooked":"\u003cp\u003eI adhere on the side of returning 100% of the user funds, if feasible. I completely understand the take that people accept the risk they take when using the protocol but I think it’s only fitting that GMX goes the extra mile and cements itself as the protocol that went above and beyond. 94% is close enough but 100% changes the perception altogether.\u003c/p\u003e","post_number":5,"post_type":1,"posts_count":33,"updated_at":"2025-07-17T14:13:54.165Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":1,"reads":50,"readers_count":49,"score":45.0,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":2}],"moderator":false,"admin":false,"staff":false,"user_id":2594,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/5","reactions":[{"id":"heart","type":"emoji","count":2}],"current_user_reaction":null,"reaction_users_count":2,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11026,"username":"BlueBerry_KR","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/b/bb73d2/{size}.png","created_at":"2025-07-17T15:57:28.271Z","cooked":"\u003cp\u003eFully support the treasury making GLP users whole.\u003c/p\u003e\n\u003cp\u003eI also lean towards distributing stablecoins for the reasons mentioned.\u003c/p\u003e","post_number":6,"post_type":1,"posts_count":33,"updated_at":"2025-07-17T15:57:39.021Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":49,"readers_count":48,"score":24.8,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":1}],"moderator":false,"admin":true,"staff":true,"user_id":38,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/6","reactions":[{"id":"heart","type":"emoji","count":1}],"current_user_reaction":null,"reaction_users_count":1,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11027,"username":"Ikun","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/i/f07891/{size}.png","created_at":"2025-07-17T16:41:01.234Z","cooked":"\u003cp\u003eThe gap of $2 million is not large, and it is recommended to pay in full, which can enhance confidence in the gmx protocol. At the same time, GLP has many long-term holders and is currently on an upward trend. In order not to waste investment opportunities, I suggest replacing it with v2 LP glv.\u003c/p\u003e\n\u003cp\u003eAt the same time, no matter which option, please initiate a vote as soon as possible. It takes several weeks to collect opinions, which is too long! Don’t waste everyone’s investment opportunities.\u003c/p\u003e","post_number":7,"post_type":1,"posts_count":33,"updated_at":"2025-07-17T16:57:20.060Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":1,"reads":47,"readers_count":46,"score":44.4,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":3,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":2}],"moderator":false,"admin":false,"staff":false,"user_id":1143,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/7","reactions":[{"id":"heart","type":"emoji","count":2}],"current_user_reaction":null,"reaction_users_count":2,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11028,"username":"Btcfever","avatar_template":"/user_avatar/gov.gmx.io/btcfever/{size}/1465_2.png","created_at":"2025-07-17T16:44:36.268Z","cooked":"\u003cp\u003eSaurabh, how necessary is this “claim” function?\u003c/p\u003e\n\u003cp\u003eIn a previous Jonzee communication, he said a snapshot has been taken of just right before the funds were stolen, and then right after.  Are the 0x addresses of the GLP holders not visible from there?  (If not, pardon my ignorance).\u003c/p\u003e\n\u003cp\u003ePersonally I don’t think you should set up a reconstitution system that could result in the existence of “unclaimed funds”.\u003c/p\u003e","post_number":8,"post_type":1,"posts_count":33,"updated_at":"2025-07-17T16:44:36.268Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":46,"readers_count":45,"score":29.2,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":1}],"moderator":false,"admin":false,"staff":false,"user_id":2251,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/8","reactions":[{"id":"heart","type":"emoji","count":1}],"current_user_reaction":null,"reaction_users_count":1,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11030,"username":"AlexVod","avatar_template":"/user_avatar/gov.gmx.io/alexvod/{size}/1759_2.png","created_at":"2025-07-17T18:05:43.482Z","cooked":"\u003cp\u003eI believe that it is best to settle with GLP token holders in stablecoins as quickly as possible. Take the GLP rate at the time of the hack (about 1.45) as the basis and recalculate all deposits at this rate. Yes, there will be losses due to exchange rate differences if the price of Bitcoin and Ethereum continues to rise. But it is better to accept them now and receive them in your wallets and then use them in the project according to the depositors’ wishes.\u003c/p\u003e","post_number":9,"post_type":1,"posts_count":33,"updated_at":"2025-07-17T18:05:43.482Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":44,"readers_count":43,"score":58.8,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":3}],"moderator":false,"admin":false,"staff":false,"user_id":2686,"hidden":false,"trust_level":1,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/9","reactions":[{"id":"heart","type":"emoji","count":3}],"current_user_reaction":null,"reaction_users_count":3,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11033,"username":"Farienil","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/f/858c86/{size}.png","created_at":"2025-07-17T19:23:16.183Z","cooked":"\u003cp\u003eFull recovery is consistent with the language used a few times by GMX referring to the immunefi bounty program. The bounty was 5m but 3m out of that was covered by price movement since the user swapped most funds to ETH before ETH started moving up (2650 to 3000 ish).\u003c/p\u003e\n\u003cp\u003eIn my opinion it’s best to recover assets as soon as possible in stables and move on from this matter and fully embrace v2. If moving assets to GLV doesn’t create any additional friction as compared to stables then that’s fine too.\u003c/p\u003e\n\u003cp\u003eAnd important to take into account the ~6% remaining GLP v1 value that most wallets still hold. Will those assets be claimable by selling the GLP or in some other way?\u003c/p\u003e","post_number":10,"post_type":1,"posts_count":33,"updated_at":"2025-07-17T19:23:16.183Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":1,"reads":44,"readers_count":43,"score":43.8,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":2}],"moderator":false,"admin":false,"staff":false,"user_id":2689,"hidden":false,"trust_level":0,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/10","reactions":[{"id":"heart","type":"emoji","count":2}],"current_user_reaction":null,"reaction_users_count":2,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11035,"username":"Harsh29","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/h/f475e1/{size}.png","created_at":"2025-07-18T02:00:17.937Z","cooked":"\u003cp\u003eI think both the approaches are fair. Whatever is more beneficial for the protocol and can be done in a set timeline so the glp holders can relax should be chosen.\u003c/p\u003e","post_number":11,"post_type":1,"posts_count":33,"updated_at":"2025-07-18T02:00:17.937Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":42,"readers_count":41,"score":8.4,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":2678,"hidden":false,"trust_level":1,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/11","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11037,"username":"LionKing","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/l/f04885/{size}.png","created_at":"2025-07-18T02:24:09.416Z","cooked":"\u003cp\u003eIt seems likely that the protocol will move away from GLP and focus on V2 going forward (right decision).\u003c/p\u003e\n\u003cp\u003eWe need to talk about ESGMX that is locked and needs to be vested using GLP.  There needs to be a solution for people and it should be discussed alongside distribution conversation.\u003c/p\u003e","post_number":12,"post_type":1,"posts_count":33,"updated_at":"2025-07-18T02:24:09.416Z","reply_count":2,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":1,"reads":44,"readers_count":43,"score":23.8,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":2690,"hidden":false,"trust_level":0,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/12","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11038,"username":"Btcfever","avatar_template":"/user_avatar/gov.gmx.io/btcfever/{size}/1465_2.png","created_at":"2025-07-18T03:43:31.705Z","cooked":"\u003caside class=\"quote no-group\" data-username=\"LionKing\" data-post=\"12\" data-topic=\"4678\" data-full=\"true\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://avatars.discourse-cdn.com/v4/letter/l/f04885/60.png\" class=\"avatar\"\u003e LionKing:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003eWe need to talk about ESGMX that is locked and needs to be vested using GLP.  There needs to be a solution for people and it should be discussed alongside distribution conversation.\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003eMaybe GLP’s internal pool of assets could be reduced to just a few USDC or something, so that 1 GLP only costs $0.000001 or some similar value.  Then just leave it be, and continue to allow the esgmx holders the option of continuing to stake their esgmx or vest it.  No need to punish esgmx holders.  In this scenario the GLP wouldn’t earn any APR since no more v1 trading.\u003c/p\u003e\n\u003cp\u003eWhatever the case may be, this parallel discussion should probably be in it’s own thread.  I feel like there’s three separate issues that require their own threads so we don’t all drown in noise:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eThis thread on how best to distribute the recovered stolen funds to their rightful owners\u003c/li\u003e\n\u003cli\u003eWhat to do about the remaining funds in GLP\u003c/li\u003e\n\u003cli\u003eWhat to do about ESGMX that isn’t currently in a vesting vault\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eRight now the single biggest priority should be reuniting the victims of the exploit with their property.  Topics 2 \u0026amp; 3 really aren’t the mega-priority that Topic 1 is.\u003c/p\u003e\n\u003caside class=\"quote no-group\" data-username=\"AlexVod\" data-post=\"9\" data-topic=\"4678\" data-full=\"true\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/alexvod/60/1759_2.png\" class=\"avatar\"\u003e AlexVod:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003eI believe that it is best to settle with GLP token holders in stablecoins as quickly as possible. Take the GLP rate at the time of the hack (about 1.45) as the basis and recalculate all deposits at this rate. Yes, there will be losses due to exchange rate differences if the price of Bitcoin and Ethereum continues to rise. But it is better to accept them now and receive them in your wallets and then use them in the project according to the depositors’ wishes.\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003eI agree with the fundamentals of what you’re saying.  The funds belong to the address holders and not the GMX committees/contributors.  Returning the stolen property to their rightful owners as quickly as possible should be far, far more important than “what’s best for the platform’s liquidity”, as it indicates a massive disconnect in priorities.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eI mean is the goal to reunite the exploit victims with their recovered funds, or is it to add liquidity to v2 and take up more dev time and prolong this sorry chapter?\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003eIf the choice is a formula of:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003e\n\u003cp\u003e(Value in USD of address’ GLP holdings on block just before hack) - (Value in USD of address’ GLP holdings presently) - (Value in USD of address’ of any GLP the address holder sold after the hack) = amount of USDC to send back  to that address. I mean wouldn’t this just be “Snapshot of block before theft” - “Snapshot of block after theft” - “Snapshot right before distribution” = what’s owed?   The first two components (value of GLP right before \u0026amp; after) was the basis of the $42m number as what was stolen right, so at least that’d be consistent, and then the current snapshot would account for people that sold their GLP after the exploit.  I’ll grant you this doesn’t account for the opportunity cost that GLPer’s suffered (GLP probably would have gone from $1.45 to like $1.48 or so), but we’re trying to make the best of a bad situation in a limited timeframe, not the perfect of a bad situation.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eContributors/Devs stopping work on multichain \u0026amp; other work (since time is a finite resource) to write new complex contracts in order to set up new GLV holdings that then require a wallet confirm step by the users, all the while adding additional unnecessary time to reuniting the exploit victims with their recovered funds.\u003c/p\u003e\n\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eMaybe there’s some elements to this that I’m not accounting for. If so I apologize and ask you to bring those to light so we’re all aware of the technical limitations or financial inconsistencies that I may have missed.  And that “simple math equation” I mentioned didn’t factor in any other considerations (if there are any please tell us).\u003c/p\u003e\n\u003cp\u003eI’m in favor of a simpler stablecoin distribution because I don’t want to prolong reuniting exploit victims with their funds, and I certainly don’t want a scenario where some exploit victims NEVER get their funds returned due to the DAO choosing a bunch of extra steps that need to be jumped through, along with a significantly expanded and complicated scope. (Or the proposal vote-creator writing up the options for the DAO vote in such a way that “unnecessary extra hoops that prolong this” is included in every option anyway).\u003c/p\u003e","post_number":13,"post_type":1,"posts_count":33,"updated_at":"2025-07-18T03:46:05.733Z","reply_count":0,"reply_to_post_number":9,"quote_count":2,"incoming_link_count":1,"reads":46,"readers_count":45,"score":29.2,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":1}],"moderator":false,"admin":false,"staff":false,"user_id":2251,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/13","reactions":[{"id":"heart","type":"emoji","count":1}],"current_user_reaction":null,"reaction_users_count":1,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11040,"username":"Saurabh","avatar_template":"/user_avatar/gov.gmx.io/saurabh/{size}/1237_2.png","created_at":"2025-07-18T09:13:43.412Z","cooked":"\u003caside class=\"quote no-group\" data-username=\"kuangren078\" data-post=\"3\" data-topic=\"4678\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://avatars.discourse-cdn.com/v4/letter/k/5f8ce5/48.png\" class=\"avatar\"\u003e kuangren078:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003ePS：Will the proposal on ARCHI be consolidated and resolved together?\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003eYes, it will be\u003c/p\u003e\n\u003caside class=\"quote no-group\" data-username=\"Btcfever\" data-post=\"8\" data-topic=\"4678\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/btcfever/48/1465_2.png\" class=\"avatar\"\u003e Btcfever:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003ehow necessary is this “claim” function?\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003eClaiming is needed since we can’t deposit the funds back into GLP. Claiming is preferred over an airdrop to an address that can’t move the funds then they would be stuck.\u003c/p\u003e\n\u003caside class=\"quote no-group\" data-username=\"Btcfever\" data-post=\"8\" data-topic=\"4678\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/btcfever/48/1465_2.png\" class=\"avatar\"\u003e Btcfever:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003eIn a previous Jonzee communication, he said a snapshot has been taken of just right before the funds were stolen, and then right after. Are the 0x addresses of the GLP holders not visible from there?\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003eYes, we can get the holder list, as mentioned above, separate claiming is needed since we can’t deposit the funds into GLP directly.\u003c/p\u003e\n\u003caside class=\"quote no-group\" data-username=\"LionKing\" data-post=\"12\" data-topic=\"4678\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://avatars.discourse-cdn.com/v4/letter/l/f04885/48.png\" class=\"avatar\"\u003e LionKing:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003eWe need to talk about ESGMX that is locked and needs to be vested using GLP. There needs to be a solution for people and it should be discussed alongside distribution conversation.\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003eesGMX can still be vested with GLP if there are a lot of users that need to mint GLP to vest their esGMX, then that would be a separate discussion.\u003c/p\u003e","post_number":14,"post_type":1,"posts_count":33,"updated_at":"2025-07-18T09:13:43.412Z","reply_count":2,"reply_to_post_number":null,"quote_count":3,"incoming_link_count":1,"reads":39,"readers_count":38,"score":67.8,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":1}],"moderator":true,"admin":true,"staff":true,"user_id":1634,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/14","reactions":[{"id":"heart","type":"emoji","count":1}],"current_user_reaction":null,"reaction_users_count":1,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11042,"username":"Emarka","avatar_template":"/user_avatar/gov.gmx.io/emarka/{size}/1757_2.png","created_at":"2025-07-18T09:54:08.225Z","cooked":"\u003cblockquote\u003e\n\u003cp\u003eI agree with the fundamentals of what you’re saying. The funds belong to the address holders and not the GMX committees/contributors. Returning the stolen property to their rightful owners as quickly as possible should be far, far more important than “what’s best for the platform’s liquidity”, as it indicates a massive disconnect in priorities.\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003cp\u003eThis summarizes it well. The priority should be speed and getting as close to 100% as possible, I believe most users will be fine with the ~94% return if it’s safe, stable and soon.\u003c/p\u003e\n\u003cp\u003eI would also vote for reimbursement in stablecoins rather than LP tokens, I would argue that users of V1 chose not to use V2 for one reason or another and redeeming them in assets they didn’t want in the first place doesn’t make much sense.\u003c/p\u003e\n\u003cp\u003eAs for the best interest of GMX I believe the speed, and clarity should be prioritized over attracting liquidity at this crucial point. If you deal with the situation properly users trust will rebuild soon.\u003c/p\u003e","post_number":15,"post_type":1,"posts_count":33,"updated_at":"2025-07-18T09:54:08.225Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":38,"readers_count":37,"score":7.6,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":2692,"hidden":false,"trust_level":0,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/15","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11046,"username":"levi1696","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/l/e0b2c6/{size}.png","created_at":"2025-07-18T10:52:07.889Z","cooked":"\u003cp\u003eI think speed of recovery is key. As users would be missing the upside of the markets moving now.\u003c/p\u003e\n\u003cp\u003eReimburse in full, quickly, and then allow users to use GLV themselves if required. Stablecoin route is best for that.\u003c/p\u003e\n\u003cp\u003eOnce the proposal is passed, i think we need a quicker turnaround time, that is the most secure as well.\u003c/p\u003e\n\u003cp\u003eAdditionally:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003ehave a way for users to verify there claims before the official claim process starts\u003c/li\u003e\n\u003cli\u003ewindow for claim period can be set\u003c/li\u003e\n\u003cli\u003eGuide users to glv pools: additionally\u003c/li\u003e\n\u003c/ul\u003e","post_number":16,"post_type":1,"posts_count":33,"updated_at":"2025-07-18T10:54:51.502Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":2,"reads":35,"readers_count":34,"score":17.0,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":2,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":2694,"hidden":false,"trust_level":0,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/16","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11047,"username":"cool","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/c/c6cbf5/{size}.png","created_at":"2025-07-18T10:55:24.150Z","cooked":"\u003cp\u003eI’d like to offer the following suggestions to enhance clarity, fairness, and long-term alignment with the GMX ecosystem:\u003c/p\u003e\n\u003cpre\u003e\u003ccode\u003eFull Reimbursement Commitment\nIt’s essential that the DAO commits to a full reimbursement of the estimated $46 million value of GLP at the time of the incident. The community would be more confident making decisions if the DAO explicitly states that any shortfall will be covered, including an outline of where the remaining funds will come from (e.g. treasury, V1 fees, etc.).\n\nTimelines for Completion\nWe should establish estimated timelines for:\n\n    When GLP holders can begin claiming recovered funds (GLV or stablecoin).\n\n    When full reimbursement is expected to be completed.\n    This will help users plan accordingly and reduce uncertainty.\n\nPreferred Distribution Method: GLV \nDistributing in the form of GLV is the most balanced option:\n\n    It allows long-term GLP holders to maintain similar exposure and continue earning yield.\n\n    Those who wish to exit can choose to withdraw.\n\n    This approach preserves TVL, benefits the protocol’s health, and is inclusive of inactive wallets or users who may not immediately claim.\n\u003c/code\u003e\u003c/pre\u003e\n\u003cp\u003eOverall, the GLV-based opt-out system appears to be the fairest and most sustainable path forward. It supports both the individual users’ rights and the long-term resilience of the GMX ecosystem.\u003c/p\u003e","post_number":17,"post_type":1,"posts_count":33,"updated_at":"2025-07-18T10:55:24.150Z","reply_count":2,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":48,"reads":37,"readers_count":36,"score":257.4,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":2693,"hidden":false,"trust_level":0,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/17","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11049,"username":"Btcfever","avatar_template":"/user_avatar/gov.gmx.io/btcfever/{size}/1465_2.png","created_at":"2025-07-18T12:50:52.433Z","cooked":"\u003caside class=\"quote no-group\" data-username=\"Saurabh\" data-post=\"14\" data-topic=\"4678\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://sea2.discourse-cdn.com/flex020/user_avatar/gov.gmx.io/saurabh/48/1237_2.png\" class=\"avatar\"\u003e Saurabh:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003eClaiming is needed since we can’t deposit the funds back into GLP. Claiming is preferred over an airdrop to an address that can’t move the funds then they would be stuck.\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003eOkay so its an issue of some of the addresses being other arbitrum “vaults” and the like?  That’s understandable.\u003c/p\u003e\n\u003caside class=\"quote no-group\" data-username=\"cool\" data-post=\"17\" data-topic=\"4678\"\u003e\n\u003cdiv class=\"title\"\u003e\n\u003cdiv class=\"quote-controls\"\u003e\u003c/div\u003e\n\u003cimg alt=\"\" width=\"24\" height=\"24\" src=\"https://avatars.discourse-cdn.com/v4/letter/c/c6cbf5/48.png\" class=\"avatar\"\u003e cool:\u003c/div\u003e\n\u003cblockquote\u003e\n\u003cp\u003eThis approach preserves TVL, benefits the protocol’s health\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003c/aside\u003e\n\u003cp\u003eThis shouldn’t be relevant in the slightest. The focus should be on returning the exploit victims their funds in the simplest, most expedited form possible, rather than  “what’s best for TVL.”  It’s not the DAO’s money to use in a way that benefits protocol liquidity. It’s our stolen property, and we’d like it back.\u003c/p\u003e\n\u003cp\u003eI’m not completely opposed to the GLV solution, but if its chosen it should be for the right reasons, and not the wrong reasons.\u003c/p\u003e","post_number":18,"post_type":1,"posts_count":33,"updated_at":"2025-07-18T12:50:52.433Z","reply_count":0,"reply_to_post_number":14,"quote_count":2,"incoming_link_count":2,"reads":40,"readers_count":39,"score":33.0,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[{"id":2,"count":1}],"moderator":false,"admin":false,"staff":false,"user_id":2251,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/18","reactions":[{"id":"heart","type":"emoji","count":1}],"current_user_reaction":null,"reaction_users_count":1,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11050,"username":"kuangren078","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/k/5f8ce5/{size}.png","created_at":"2025-07-18T15:55:11.136Z","cooked":"\u003cp\u003eHave you considered the risks taken by GLP users during this period? The price of ETH was 2600$ at that time and now it is 3600$\u003c/p\u003e","post_number":19,"post_type":1,"posts_count":33,"updated_at":"2025-07-18T15:55:11.136Z","reply_count":0,"reply_to_post_number":17,"quote_count":0,"incoming_link_count":2,"reads":37,"readers_count":36,"score":17.4,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"reply_to_user":{"id":2693,"username":"cool","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/c/c6cbf5/{size}.png"},"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":2669,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/19","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":11051,"username":"LionKing","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/l/f04885/{size}.png","created_at":"2025-07-18T19:05:20.797Z","cooked":"\u003cp\u003eWell I think the implication is if GLP is suspended going forward that is not the case (that new GLP can be minted) to vest new esgmx.\u003c/p\u003e\n\u003cp\u003eI just think there needs to be visiblity here because while trying to make GLP holders whole we could be stranding other users money who helped bootstrap the protocol.\u003c/p\u003e","post_number":20,"post_type":1,"posts_count":33,"updated_at":"2025-07-18T19:06:14.343Z","reply_count":0,"reply_to_post_number":14,"quote_count":0,"incoming_link_count":2,"reads":39,"readers_count":38,"score":17.8,"yours":false,"topic_id":4678,"topic_slug":"discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":2,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"reply_to_user":{"id":1634,"username":"Saurabh","avatar_template":"/user_avatar/gov.gmx.io/saurabh/{size}/1237_2.png"},"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":2690,"hidden":false,"trust_level":0,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/discussion-resolve-the-distribution-plan-for-the-recovered-funds-from-arbitrum-glp/4678/20","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null}],"stream":[11015,11016,11017,11018,11020,11026,11027,11028,11030,11033,11035,11037,11038,11040,11042,11046,11047,11049,11050,11051,11054,11055,11057,11058,11060,11061,11063,11064,11065,11068,11074,11075,11077]},"timeline_lookup":[[1,468],[11,467],[22,466],[24,465],[27,464],[28,463],[31,462]],"tags":[],"tags_descriptions":{},"fancy_title":"DISCUSSION: 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