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Crime and Investigations

South Korean Exchange GDAC Falls Victim to Massive Hack

South Korean Exchange GDAC Falls Victim to Massive Hack

The problem of cryptocurrency hacks is widely recognized, and many investors fall victim to unscrupulous individuals.

Recently, GDAC, a South Korean cryptocurrency exchange that only allows token-to-token transactions, experienced a significant hack.

The hack occurred on Sunday, and the platform’s hot wallet was compromised. In a statement released on Monday, the exchange confirmed that the stolen assets, amounting to roughly 23% of GDAC’s holdings, were transferred to an unknown wallet.

This breach resulted in a loss of over $13.1 million in various cryptocurrencies, including Bitcoin, Ethereum, Wemix, and USDT, with Wemix accounting for more than $10 million of the losses (61 BTC, 350.5 ETH, 10M WEMIX, 220K USDT).

READ MORE: SushiSwap’s Security Breach: Millions Lost in Critical Vulnerability

In response, GDAC has suspended its withdrawal and deposit services and has notified the appropriate authorities of the incident.

The exchange has also requested that other cryptocurrency exchanges block incoming transactions from suspicious addresses.

The incidence of cryptocurrency hacks has been on the rise, with blockchain analytics firm Chainalysis reporting that illicit actors stole $3.8 billion worth of assets last year, the largest one-year loss in the history of crypto.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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