Cryptocurrency

Crypto exchange GDAC pauses deposits and withdrawals after hack

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South Korean cryptocurrency GDAC was on Sunday hacked and cryptocurrencies worth more than $13 million were stolen. The hackers made away with nearly 10 million WEMIX, 220,000 USDT, 350.5 ETH, and 61 BTC.

The exchange hack is the latest in the string of crypto hacks that have affected the crypto space in the recent past. It comes barely days after the Euler Finance hacker returned all the returnable funds after hacking the protocol and stealing about $196 million worth of cryptocurrencies and mixing part of the funds on Tornado Cash.

How it all went down

On April 9, GDAC’s team notified its customers that hackers had exploited the GDAC Hot Wallet and transferred some cryptocurrencies to an unidentified wallet.

According to the notice, the hackers stole over 60 bitcoins, 350.5 Ether, 220,000 Tether (USDT), and 10 million WEMIX. The total amount of cryptocurrencies stolen accounted for about 23% of all the exchange’s total custodial crypto assets. And at the time of the hack, the stolen assets were valued at about $13 million.

What GDAC exchange has done so far about the hack

GDAC crypto exchange took emergency measures immediately after the hack and blocked the GDAC Hot Wallet network including the deposit and withdrawal system and all related servers.

The exchange also reported the exploit to the relevant law enforcement agencies and requested an investigation. It informed the Korea Financial Intelligence Unit (FIU) and the Korea Internet & Security Agency (KISA) and asked DeFi managers and other crypto exchanges to cooperate in resolving the issue.

The exchange in an official notice said:

“We ask those in charge of exchanges handling virtual assets to immediately block the deposit from the address where the withdrawal occurred…We ask for your understanding that it is difficult to confirm the resumption point of deposit and withdrawal as the investigation is currently underway.”

GDAC is currently working with several organizations to try and identify the criminals behind the attack before resuming operations.


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