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).
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.