GDAC, a crypto exchange platform that operates in South Korea, has recently witnessed a hack. The hackers remained effective in draining a massive amount of almost $13 million as disclosed by the platform. On the 9th of April, it was reported that the exploiters transacted up to $13M worth of cryptocurrency.
South Korean Crypto Exchange Goes through a Hack for Up to $13 Million
This amount equals 23% of the portion of the company’s cumulative custodial assets. The respective stolen funds were transferred from GDAC’s hot wallet to some anonymous wallet by the hackers. The attackers took away up to 61 Bitcoin (BTC) tokens while the 350.5 ETH tokens were also stolen by the exploiters. In addition to this, the other exploiter crypto tokens took into account 10M WEMIX tokens and 220,000 USDT stablecoin.
GDAC stated that the company has informed the relevant authorities regarding the respective exploit. Along with this, the firm also confirmed that it is making considerable efforts for the recovery of the stolen funds. The stolen funds have caused damage of up to 7% to the present cumulative amount of custody assets at the platform.
On noticing the hack via the monitoring system of GDAC, the emergency response group of the crypto exchange responded immediately. Along with this, some other developments also took place. One of them was that GDAC blocked and suspended the wallet system (including the withdrawals and deposits) and the servers related to it. Moreover, the exchange entity reported the respective incident to the police department and requested them to conduct a cyber investigation on it.
GDAC Asks Crypto Entities and Agencies to Help It Deal with Funds Recovery
Furthermore, the platform informed the Korea Internet & Security Agency (KISA) about this event. Additionally, it also demanded technical support from the organization. Apart from that, the company also brought to the front that it is at the moment going through the procedure of requesting the DeFi managers, exchanges, and asset issuers to provide adequate support. With this, the firm is particularly attempting to freeze the assets to prevent their loss.
It has also disclosed its ongoing efforts to collaborate with diverse agencies to have positive developments in this matter. The crypto exchange also apologized to the consumers for the likely inconvenience caused by this event. As per GDAC, further details about an ongoing investigation will be provided as soon as they are available.
