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Crypto Exchange GDAC Halts Deposits and Withdawals Following $13 Million Hack

Hackers stole about $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 exchange’s management informed its users that hackers had hacked the Gdac Hot Wallet and transferred a considerable sum of cryptocurrency to an unidentified wallet. 

They took more than 60 BTC, 350.5 ETH, 10,000,000 WEMIX, and 220,000 USDT (about 23% of the platform’s entire custodial assets). The tokens were valued at approximately $13 million.  Shortly after the hack, GDAC implemented emergency measures and shut down the wallet network. (deposit and withdrawal system and all related servers). It also notified police enforcement and sought an investigation into the matter. 

Following that, it notified the FIU and the Korea Internet & Security Agency (KISA), and requested DeFi managers and other exchanges to work together to resolve the situation. “We request that those in charge of virtual asset exchanges immediately block the deposit from the address where the withdrawal occurred, as stated in the official notice.”

Gdac is presently 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 the resumption point of deposit and withdrawal,” it added.

Euler Finance, a Decentralized Finance (DeFi) lending platform, was recently the victim of one of the largest thefts in the bitcoin world. Through a so-called flash loan attack, perpetrators stole about $200 million in digital assets.  The entity offered the wrongdoers $20 million in exchange for returning the remaining monies, but they refused and mingled the assets in Tornado Cash.

The hacker known as “Jacob” altered their mind at the end of March and returned more than $100 million in ETH to Euler Finance. They even apologized and returned more of the stolen goods in the days that followed. The entire situation improved around the end of last week when the culprit returned all recoverable assets following successful discussions with the protocol’s team.


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