Gdac, a popular South Korean cryptocurrency exchange, was hacked for approximately $13 million on April 9. According to a statement released by the company on April 10, hackers managed to transfer 23% of the exchange’s total custodial assets from its hot wallet to an unknown wallet. The stolen assets included 61 BTC, 350.5 ETH, 10 million WEMIX tokens, and 220,000 USDT.
The exchange has reported the incident to the authorities and is currently working to recover the lost funds. Gdac’s statement did not reveal any information about how the hack occurred or who might be behind it.
Unfortunately, this is not the first time that a cryptocurrency exchange has fallen victim to a hack. In the past 15-18 months, several high-profile attacks have taken place in the cryptocurrency industry, including the $625 million hack of Axie Infinity’s Ronin bridge in 2021. Just recently, on April 10, the decentralized finance (DeFi) protocol Sushi was also exploited for $3.3 million.
As the use of cryptocurrencies continues to grow, it is becoming increasingly important for exchanges and other crypto-related companies to prioritize security measures to protect their users’ assets.
