Scam Alert

23% Of The Total Assets Of GDAC Leaked Due To Hacking

Key Points:

GDAC, a South Korean cryptocurrency exchange that exclusively accepts token-to-token trades, announced a major hacking incident on Sunday.
The stolen funds, which accounted for around 23% of GDAC’s holdings, were moved to an unnamed wallet.
The exchange has subsequently ceased its withdrawal and deposit services according to the exchange.

GDAC, a South Korean cryptocurrency exchange, said that hackers stole more than 20 billion won ($15 million) in cryptocurrencies.

23% Of The Total Assets Of GDAC Leaked Due To Hacking 2

On April 9, hackers moved $15 million in cryptocurrency from the GDAC hot wallet to an unnamed wallet comprising over 60 Bitcoins and 350 Ethereum tokens.

In addition, the hackers took roughly 10 million Wemix tokens (WEMIX) and 220,000 USDT from the exchange.

The stolen cryptocurrency was valued at 20.27 billion won, accounting for about 23% of all assets held by GDAC.

According to GDAC, some of the assets seem to have been moved to overseas cryptocurrency exchanges. It is registered with local and international crypto exchanges and issuers to prevent stolen currencies from being laundered and to recover them, according to authorities.

“We ask those in charge of the exchange handling virtual assets to immediately block the deposit from the address where the withdrawal occurred, as stated in the official notice,” the exchange said in an urgent notice.

The exchange also said that it had reported the incident to the police and is seeking to retrieve the monies. GDAC notified the police, the Korea Internet & Security Agency, and the Korea Financial Intelligence Unit about the occurrence.

Deposit and withdrawal services on GDAC have been discontinued, according to the exchange, and it is unclear when they will return.

Similar instances have recently occurred, posing concerns about the safety of crypto assets. SushiSwap was the victim of an exploit that cost more than $3.3 million to at least one user. The exploit takes advantage of a RouterProcessor2 contract approval flaw. According to the DEX, users who swapped in the past four days may be affected.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.