South Korean Exchange GDAC Hacked, Loses 23% of Its Assets

Table of Contents

• Nearly $13 Million Stolen
• Deposit And Withdrawal Services Stopped
• Hacking Incident On The Rise

South Korean cryptocurrency exchange GDAC was the target of hackers on Sunday, with the platform losing nearly $13 million during the attack.

The hackers were successful in draining crypto assets from the exchange hot wallet to a yet unidentified wallet.

Nearly $13 Million Stolen

According to a statement released by the beleaguered exchange, the stolen funds accounted for nearly 23% of its crypto assets. The stolen assets were transferred to an unidentified wallet over the course of the attack. According to the statement released by the exchange, hackers stole 61 BTC, 350.5 ETH, 10 million wemix tokens (WEMIX), and 220,000 USDT. The exchange stated that it had already notified the relevant authorities about the hack and was working to retrieve the stolen funds.

According to the exchange, some of the stolen assets have been sent to foreign cryptocurrency exchanges. As a result, the exchange has also reached out to the exchanges in question and foreign authorities to prevent the funds from being laundered.

Deposit And Withdrawal Services Stopped

The South Korean exchange has stated that it has suspended all deposits and withdrawals as it looks to investigate the incident. The GDAC exchange has also requested other cryptocurrency exchanges to block transactions coming from any suspicious address. It is still being determined when the exchange will resume deposit and withdrawal services.

Hacking Incident On The Rise

Cryptocurrency platforms have seen a considerable increase in hacks, with several notable exploits occurring over the past year. The most prominent among these hacks was the Ronin Bridge exploit. Axie Infinity’s Ronin Bridge suffered a crippling hack last year, losing a staggering $625 million. Last Sunday, SushiSwap was exploited thanks to a bug in its smart contract. As a result, the platform lost over $3 million to hackers. The hack was first spotted by blockchain security firms Peckshield and CertiK.

Another hack that took place during the current month was the Sentiment hack, where hackers made off with over $500,000 due to a re-entrancy attack. In March, Euler Finance also suffered an exploit where hackers drained nearly $200 million from the protocol. However, after a drawn-out negotiation with the hackers, Euler Finance managed to recover all of the recoverable funds, amounting to roughly $31 million.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.