SlowMist: The core reason for the GMX attack is that the GMX v1 global short position average price can be manipulated, causing the GLP price to be maliciously inflated for arbitrage.

BlockBeats News, July 10, SlowMist CISO @im23pds tweeted that "The fundamental reason for the GMX attack is that GMX v1 immediately updates the global short position's average price when handling a short position, and this global average price directly affects the calculation of the total asset under management (AUM), leading to the manipulation of the GLP token price.

The attacker exploited this design flaw by using a Keeper to enable the timelock.enableLeverage feature when executing orders (a necessary condition for creating large short positions). Through a reentrancy method, the attacker successfully created a large short position to manipulate the global average price and artificially raise the GLP price in a single transaction to profit through a redemption operation.