GDAC Exchange Suffers Security Breach

In a shocking turn of events, the South Korean crypto exchange GDAC has confirmed it was hacked, with losses reported at around $13.9 million. In a press release dated April 10, CEO Han Seunghwan detailed the dire situation, which triggered immediate emergency measures including halting all deposits and withdrawals.

The Details of the Attack

The notorious breach occurred early on April 9, when the hacker infiltrated GDAC’s hot wallets. By 7 AM KST, the attacker began moving stolen funds. The loot included:

• Approximately 61 Bitcoin (BTC)
• 350.5 Ether (ETH)
• 10 million WEMIX gaming currency
• About $220,000 in Tether (USDT)

This staggering amount represents roughly 23% of GDAC’s total custodial assets, raising eyebrows and concerns within the crypto community.

Immediate Actions Taken by GDAC

GDAC is not taking the breach lightly. Following the hack, the exchange has taken several proactive steps:

• Reported the incident to the Korean police.
• Notified the Korea Internet & Security Agency (KISA).
• Informed the Financial Intelligence Unit (FIU) regarding the loss.
• Urged other crypto exchanges to block deposits from the hacker’s wallets.

Seunghwan’s comments highlight a troubling atmosphere of uncertainty: “We ask for your understanding as we investigate and cannot confirm when deposits and withdrawals will resume.”

Hacks: A Relentless Issue in Crypto

GDAC’s hacking incident is a disturbing reminder of the vulnerability inherent in centralized exchanges. Just to throw a couple of past breaches into the ring: Crypto.com lost over $15 million in January 2022, and during the FTX liquidity crisis, a staggering $663 million was siphoned away. With these statistics in mind, one might wonder if owning a crypto wallet is safer than trusting a central exchange.

What Lies Ahead for GDAC and Crypto Investors

As investigations continue, the fallout from the attack will likely have significant implications for users and the broader crypto market. Will GDAC recover? Will trust be restored among its users? Only time—or maybe a good fortune cookie—will tell. Buckle up, folks. The wild ride of cryptocurrency isn’t slowing down any time soon!