$13,000,000 Vanishes After Korean Crypto Exchange GDAC Hacked

South Korean cryptocurrency exchange GDAC has reported that hackers have stolen almost $13 million on Sunday, April 9.

According to a GDAC support page, the hackers transferred approximately 23% of GDAC’s total custodial assets from the exchange’s hot wallet to an unidentified wallet, which included nearly $13,000,000 in Bitcoin (BTC), Ethereum (ETH), Wemix (WEMIX), and Tether (USDT).

GDAC is currently working with several institutions to recover the funds and has notified authorities about the incident. The exchange has also suspended its wallet system and related servers and reported the event to the Korean Internet Promotion Agency (KISA) and the FIU.

This is one of the latest cryptocurrency platform hacks in the past 15-18 months. In 2022, Axie Infinity’s Ronin Bridge suffered a $625 million hack, and on the same day as GDAC’s hack, the decentralized exchange Sushi was exploited for $3.3 million.

GDAC CEO Jindhak Han Seung-hwan has stated that investor protection is the exchange’s top priority, and it will continue to work to secure the safe withdrawal of its users’ assets.

GDAC has also urged other exchanges to immediately stop depositing funds at the address where the excess withdrawal was made public, and to report any deposit they receive as an “incident report.” Customers with concerns regarding the withdrawal transaction are also urged to report it to GDAC.

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Featured Image: Shutterstock/X-Pose