GDAC Crypto Exchange Stops Deposits And Withdrawals After $13 Million Hack

Hackers stole around $13 million in digital assets from South Korean cryptocurrency site GDAC. This is the latest in a series of setbacks for the sector. On April 9, the management of the exchange notified its users that hackers had hacked Gdac’s Hot Wallet and transferred large amounts of cryptocurrency to an unknown wallet.

They took over 60 BTC, 350.5 ETH, 10,000,000 WEMIX, and 220,000 USDT (about 23% of the platform’s entire custodial assets). The token is worth around $13 million. Shortly after the hack, GDAC implemented emergency measures and shut down the wallet network. (deposit and withdrawal systems and all linked servers). It also notified police enforcement and sought an investigation into the matter.

After that, he notified FIU and the Korea Internet & Security Agency (KISA), and asked managers of DeFi and other exchanges to work together to resolve the situation. “We request that the party responsible for the exchange of virtual assets immediately block the deposit from the address where the withdrawal occurred, as stated in the official notification.”

Gdac is currently collaborating with a number of companies to identify the perpetrators and restart all operations on its platform. “We ask for your understanding that, while the investigation is ongoing, it is difficult to confirm a point of resumption of deposits and withdrawals,” he added.

Euler Finance, a Decentralized Finance (DeFi) lending platform, recently fell victim to one of the world’s biggest bitcoin thefts. Through so-called flash loan attacks, perpetrators stole around $200 million in digital assets. The entity offered the wrongdoers $20 million in exchange for returning the remaining money, but they refused and mixed the assets into Tornado Cash.

The hacker known as “Jacob” changed his mind at the end of March and returned more than $100 million in ETH to Euler Finance. They even apologized and returned more stolen items in the following days. The whole situation got better around the end of last week when the culprit returned all recoverable assets after a successful discussion with the protocol team.