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GMX

GMX Project Converts ETH to USDT Amid Hack Recovery Efforts

Recently, the GMX project team sold 10,000 ETH for approximately 29.597 million USDT, with a selling price around 2,959 USDT per ETH, about 7 hours ago. According to on-chain analyst Yu Yan, the team also received assets from hackers yesterday, including 10,495,000 FRAX and 10,000 ETH worth about $30 million. The sale of ETH into USDT seems to be a move toward stabilizing assets for potential user refunds.
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AI Analysis

The recent activity involving the GMX project reflects a significant shift in asset management, likely in response to recent security breaches and asset recovery efforts. Selling 10,000 ETH at a price...

AI Recommendation

Investors and stakeholders should closely monitor GMX’s next moves regarding asset management and user refunds. While the sale of ETH into stablecoins is a positive step towards financial stability, t...

Disclaimer

The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.

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