Fri. May 24th, 2024

Crypto Exchange GDAC Loses $14 Million In Latest Crypto Hack.

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A crypto exchange GDAC has been hacked for approximately $13.9 million worth of crypto. The South Korean crypto exchange has halted all deposits and withdrawals and is performing emergency server maintenance in response to the attack, according to an April 10 announcement from GDAC CEO Han Seunghwan.

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Hackers transferred nearly $13 million worth of crypto, 23% of its total custodial assets, from Gdac’s hot wallet to an unidentified wallet.

The hackers stole nearly 61 bitcoins (BTC), 350.5 ether (ETH), 10 million wemix tokens (WEMIX) and 220,000 USDT. Gdac said it has notified the authorities about the hack and is working to recover the funds.

Crypto platforms have suffered some notable hacks and exploits in the past 15 to 18 months. The largest was Axie Infinity’s Ronin bridge, which suffered a $625 million hack last year. On Sunday, decentralized-finance protocol Sushi was exploited for $3.3 million.

According to the announcement, the attacker gained control of some of the exchange’s hot wallets on the morning of April 9 and, at 7 am Korean Standard Time, began moving crypto into wallets under the attacker’s control. Around 61 Bitcoin BTC$30,122, 350.5 Ether ETH$1,923, 10 million of the WEMIX gaming currency, and $220,000 worth of Tether USDT$1.00 was stolen in the attack. This totals around $13.9 million worth of crypto at April 10 prices.

The amount stolen is “approximately 23% of Gdac’s current total custodial assets,” the announcement said. The exchange has alerted the police, reported the hack to the Korea Internet & Security Agency (KISA), and notified the Financial Intelligence Unit (FIU) of the loss caused by the attack.

The amount stolen is “approximately 23% of Gdac’s current total custodial assets,” the announcement said. The exchange has alerted the police, reported the hack to the Korea Internet & Security Agency (KISA), and notified the Financial Intelligence Unit (FIU) of the loss caused by the attack.

Also Read: 51 Crypto Exchange Firms Died In 2022: Research Report Shows.

GDAC is also asking crypto exchanges not to honor deposits made from the address that performed the attack.

Seunghwan said that the exchange does not know when withdrawals will be resumed. “We ask for your understanding that it is difficult to confirm the resumption point of deposit and withdrawal as the investigation is currently underway,” he said, according to Google Translate.

Centralized exchange hacks continue to be a problem in the crypto industry. Case in point: Crypto.com was hacked for over $15 million in January 2022. Amid a liquidity crisis at FTX, an attacker drained $663 million from the failed crypto exchange. The GDAC attack may be the first major centralized crypto exchange hack of 2023.

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