The South Korean crypto exchange GDAC was compromised on April 9. GDAC is widely recognized for token to token transactions. The breach resulted in the theft of 23% of the exchange’s assets.
The hackers stole 61 bitcoin (BTC), 350.5 ether (ETH), 10 million wemix (WEMIX) tokens, and 220,000 USDT.
GDAC stated that it has informed the police about the hack and is trying to recover the money. More than $13.1 million was lost in the exchange. More than $10 million in losses were attributable to WEMIX.
According to the of the company According to a report on April 10, hackers transferred more than $13 million worth of crypto from GDAC’s hot wallet to an unidentified wallet, representing 23% of the company’s total custodial assets.
The exchange quickly stopped trading and withdrawals and launched an investigation into the security breach. In addition, the company stated that it had reported the incident to the Korea Internet and Security Agency (KISA) and the Financial Services Commission (FSC).
This is not the first time a South Korean crypto exchange has been compromised. In 2018, the country’s largest exchange, Bithumb, was hacked, resulting in the loss of approximately $30 million worth of cryptocurrency.
The situation at GDAC shows how important security measures are and how important it is to always keep an eye on crypto exchanges.
While the lack of a central cryptocurrency authority is one of its strengths, it also means that no one is in charge of the industry. Therefore, users should be careful and do their research before choosing a crypto exchange to ensure their assets are as safe as possible.
After this recent hack, GDAC clients have good reason to worry about the safety of their funds. But those concerns should be assuaged by the exchange’s prompt response and dedication to improving security.
