The sudden sale of such a large number GMX tokens (which are comparatively illiquid compared to much larger cryptocurrencies like Ethereum) caused the price to suddenly drop from ~$41.50 to ~$38 per token, though the token price recovered fairly quickly. GMX is the native token for the defi exchange of the same name.
An apparent wallet compromise netted hackers 82,519 GMX tokens from a wallet belonging to a GMX whale. The hackers exchanged these tokens for 2,627 ETH ($3.18 million), then swapped the assets cross-chain.
- "Hackers steal $3.5M worth of digital assets from GMX whale", Cointelegraph