GDAC hacked: South Korea’s crypto nightmare

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 tokens (WEMIX), and 220,000 USDT.

GDAC declared that it has informed law enforcement about the hack and is attempting to recover the monies. Over $13.1 million was lost on the exchange. More than $10 million in losses were attributable to WEMIX.

According to the company’s report on April 10, hackers transferred over $13 million in cryptos from GDAC’s hot wallet to an unidentified wallet, accounting for 23% of the company’s total custodial assets.

The exchange promptly halted trading and withdrawals and launched an investigation into the security breach. Additionally, the company stated that it had informed the Korea Internet & Security Agency (KISA) and the Financial Services Commission (FSC) of the incident.

This is not the first time a crypto exchange in South Korea has been compromised. In 2018, the largest exchange in the country, Bithumb, was hacked, leading to the loss of approximately $30 million in crypto.

The situation at GDAC shows how important security measures are and how important it is always to keep an eye on crypto exchanges.

Even though cryptocurrency’s lack of a central authority is one of its strengths, it also means that no one is in charge of the industry. So, users must be careful and research before choosing a crypto exchange to ensure their assets are as safe as possible.

After this recent hack, GDAC customers have a good reason to worry about the safety of their funds. But, those worries should be mitigated by the exchange’s prompt response and dedication to enhancing security.