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DeFi Trader Nets More Than $500k By Manipulating AVAX

It’s been just revealed that an important DeFi trader manipulated AVAX token by using DEX GMX. Check out the latest reports below.

Manipulating AVAX token

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CoinDesk just revealed that a savvy crypto trader deployed millions of dollars to manipulate the prices of Avalanche’s AVAX tokens on the decentralized exchange (DEX) GMX.

T%he trader reportedly took profits of upwards of $500,000 by utilizing a strategy that exploited a basic loophole.
GMX, like other DEXs, relied on smart contracts to match traders between decentralized finance (DeFi) users.

According to the reports, the decentralized finance refers to trading activities carried out on a blockchain without the use of a third party.

Here’s what the online publication mentioned above said:

“DEX allows users to trade spot and perpetual futures using its on-chain trading interface at low fees and has processed more than $45 billion in trading volume since its inception in 2021.”

Here’s a relevant tweet:

We suggest that you check out the complete thread on Twitter in order to learn more details about the issue.

Earlier today, we revealed that a popular crypto strategist has addressed one low-cap altcoin that he says could explode in the coming weeks.

The pseudonymous analyst known in the industry as The Crypto Dog said that he sees GMX (GMX) as his “well-researched and high-confidence play.”

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