April 10 — The South Korean cryptocurrency exchange known as Gdac was hacked for nearly $14 million on Sunday. Hackers transferred assets from Gdac’s hot wallet to an unidentified wallet.
In the wake of the attack, Gdac’s emergency team immediately blocked and suspended the company’s wallet system (including withdrawals and deposits) and corresponding servers.
The cyber thieves stole nearly 61 Bitcoins, 350.5 Ether, 10 million Wemix tokens, and 220,000 USDT. The amount stolen is roughly 23% of Gdac’s total custodial assets.
The Korea Internet & Security Agency (KISA) has been notified, teams are working to recover the funds, and Gdac is working to prevent further losses. In addition, Gdac has requested that crypto exchanges not honor deposits made from the address that executed the cyber attack.
In the past 15 to 18 months, cryptocurrency platforms have suffered a series of notable hacks and exploits. The largest consisted of $625 million in losses. More recently, the decentralized finance protocol known as Sushi was exploited, thanks to a bug in its smart contract. The platform lost over $3 million to hackers.
The nearly $14 million exploit has shaken confidence among Gdac users and investors, many of whom are now concerned about the security of their funds. The Gdac exchange has apologized to consumers for the challenges brought on by the incident.
In 2022, cryptocurrency attacks surged, resulting in unprecedented losses of $3.8 billion USD. However, the Gdac attack appears to be the first major centralized crypto exchange attack of 2023.
For more information about cyber hacks, please see CyberTalk.org’s past coverage. Check out the CyberTalk.org newsletter! Sign up today to receive top-notch news articles, best practices and expert analyses; delivered straight to your inbox.