South Korean crypto exchange GDAC loses 23% of its assets in a hack

The platform’s representatives are working on the return of funds jointly with law enforcement officers

10.04.2023 - 13:30

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What’s new? On April 9, the South Korean cryptocurrency exchange GDAC was hacked for nearly $13 million. Hackers transferred 23% of the total amount of digital assets stored on the platform from the platform’s hot wallet to an unknown address. As a result, 60,8 BTC, 350,5 ETH, 10 million WEMIX tokens, and 220 000 USDT stablecoins were stolen. The GDAC team said it has notified authorities of the hack and is working to recover the funds.

Information on GDAC’s website

What else is known about the attack? Functions related to the GDAC crypto wallet have been suspended, including deposits and withdrawals. The exchange team notified the Korea Internet & Security Agency (KISA) about the incident and requested technical support and began working with exchanges and decentralized finance (DeFi) protocols to block the stolen assets.

The company’s officials noted that it would take time to investigate the hack, so they did not give an exact timeline for customers to regain access to their funds.

What is known about GDAC? It is a centralized exchange (CEX), founded in 2018 and registered in Seoul. Twenty trading pairs are available on the platform, and trading volume in the last 24 hours amounted to $1,5 million, according to CoinMarketCap.

The decentralized exchange (DEX) SushiSwap also suffered an exploit on April 9. The platform lost $3,3 million in ETH coins due to a bug in the smart contract.

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