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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
