South Korean Crypto Exchange GDAC Hacked

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Crypto News > South Korean Crypto Exchange GDAC Hacked

South Korean cryptocurrency exchange GDAC fell victim to a hacking attack on April 9, resulting in a loss of nearly $13 million worth of digital assets. The company confirmed the incident on Monday and revealed that the hackers had stolen 23% of its total assets.

According to reports, the attackers managed to transfer around $15 million worth of cryptocurrencies, including 60.8 Bitcoins, 350.50 Ethereum, 10 million Wemix, and 220,000 Tether, to an unknown wallet. GDAC stated that it is currently investigating the incident and working with law enforcement agencies to track down the hackers and recover the stolen assets.

This unfortunate incident marks yet another major security breach in the cryptocurrency industry, highlighting the vulnerability of digital assets to cybercriminals. GDAC assured its customers that their funds held in cold storage wallets were not affected by the hack, and it will be providing compensation for those affected by the incident.

This news comes at a time when the global cryptocurrency market is experiencing heightened volatility and regulatory scrutiny. It is expected that such incidents may contribute to a decline in investor confidence and have a negative impact on the market. The industry needs to continue to work towards establishing robust security measures and regulatory frameworks to ensure the safety of digital assets and protect investors from potential losses

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