Hacker drains $13M from GDAC crypto exchange

GDAC exchange became the latest victim of hacking attacks in the crypto sector.

GDAC exchange is a South Korean crypto exchange, registered with Korean government agencies like FIU and the Korea Internet & Security Agency (KISA). Under the crypto regulation framework of South Korea, rules are highly strict & enough to prohibit the involvement of bad actors in the crypto industry.

On 10 April 2023, GDAC Crypto exchange faced a hack attack on its hot crypto wallets. Through the hack attack, the attacker drained $13 million worth of crypto assets, including 60 BTC, 350.5 ETH, 10,000,000 WEMIX, and 220,000 USDT.
Reports noted that, in this hacking incident, the exchange lost around 23% of its total custodial assets.
To stop any kind of further attack, the exchange halted deposit & withdrawal services and also confirmed that the exchange approached law enforcement agencies e.g FIU and the Korea Internet & Security Agency (KISA).

Exchange also confirmed that its team contacted other crypto exchanges to freeze the funds linked with the stolen funds.

“We ask those in charge of exchanges handling virtual assets to immediately block the deposit from the address where the withdrawal occurred,” as stated in the official notice.

Crypto security firm Peckshield reported that hacker(s) have already moved 461 Ethereum on the popular Ethereum crypto mixing platform Tornado Cash, recently banned by the US OFAC agency.

WeMix token is an averagely popular crypto token in the global crypto market and this news acted as a catalyst to dump the price of this coin, as we can see in the price graph attached below.

Earlier this, the Crypto sector saw a hack attack on the Decentralised Finance (DeFi) lending protocol Euler Finance, where hackers drained nearly $200 million worth of crypto assets but later returned the majority of the funds.

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