$13,000,000 Disappears Following the Hack of the Korean Crypto Exchange GDAC

Sunday, April 9, the South Korean cryptocurrency exchange GDAC reported that hackers seized nearly $13 million.

According to a GDAC support page, the hackers transmitted approximately 23% of GDAC’s total custodial assets from the exchange’s hot wallet to an unknown wallet, including nearly $13,000,000 worth of Bitcoin (BTC), Ethereum (ETH), Wemix (WEMIX), and Tether.

GDAC is presently collaborating with a number of institutions to recover the funds and has notified the appropriate authorities. The exchange has also suspended its wallet system and affiliated servers and notified the Korean Internet Promotion Agency (KISA) and the FIU of the incident.

This is one of the most recent breaches of a cryptocurrency platform in the past 15 to 18 months. In 2022, Axie Infinity’s Ronin Bridge was hacked for $625 million, and the decentralized exchange Sushi was exploited for $3.3 million on the same day as GDAC.

GDAC’s chief executive officer, Jindhak Han Seung-hwan, stated that investor protection is the exchange’s top priority and that the company will continue to work to ensure the safe withdrawal of its users’ assets.

GDAC has also urged other exchanges to promptly cease depositing funds at the address where the excess withdrawal was made public and to file an “incident report” for any deposits they receive. Customers who have concerns about the withdrawal transaction are also encouraged to notify GDAC.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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