- The exchange has paused all deposits and withdrawals until further notice.
- The theft totals around 23 percent of Gdac’s present total custodial assets.
The GDAC cryptocurrency exchange in South Korea was hacked for around $13.9 million. According to an April 10 release from GDAC CEO Han Seunghwan, the exchange has paused all deposits and withdrawals while it performs emergency system work in reaction to the assault.
The notification claims that the attacker got access to some of the exchange’s hot wallets on the morning of April 9 and started transferring cryptocurrency into wallets under the attacker’s control at 7 am Korean Standard Time.
In all, the hacker made off with about 61 Bitcoin, 350.5 Ether, 10M WEMIX, and $220,000 USDT. At the price of cryptocurrencies on April 10th, this amounts to almost $13.9 million.
Working Closely With Authorities
The theft totals around 23 percent of Gdac’s present total custodial assets, according to the release. The damage suffered by the exchange as a result of the assault has been reported and is working closely with the Financial Intelligence Unit (FIU), as well as the police and the Korea Internet & Security Agency (KISA).
GDAC is also requesting that cryptocurrency exchanges disallow deposits from the attacking address. While asked when users may once again make withdrawals, Seunghwan indicated the exchange was unsure.
The crypto sector still faces issues with centralized exchange hacks. As an example, in January 2022, hackers stole almost $15 million from Crypto.com.
As the collapsed cryptocurrency exchange FTX was having trouble maintaining its liquidity, an attacker took control of the situation and stole $663 million. It’s possible that the GDAC hack will go down in history as 2023’s first major attack against a centralized cryptocurrency exchange.
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