- South Korean cryptocurrency exchange GDAC lost nearly $13 million during a hacking attack on Sunday.
- The hackers were able to drain crypto assets from the exchange’s hot wallet to a yet unidentified wallet.
- In response, GDAC has suspended deposits and withdrawals while it looks to investigate the incident.
GDAC Exchange Hacked For Nearly $13 Million
On Sunday, South Korean cryptocurrency exchange GDAC became the latest victim of hackers after they managed to steal nearly $13 million worth of digital assets. The funds were drained from the exchange’s hot wallet to an unidentified address.
Stolen Assets and Suspension of Services
The stolen assets included 61 BTC, 350.5 ETH, 10 million wemix tokens (WEMIX), and 220,000 USDT. GDAC has already notified relevant authorities about the hack and is currently working to retrieve the stolen funds. In addition, some of the stolen funds have been sent to foreign cryptocurrency exchanges prompting GDAC to reach out for help in preventing any money laundering activity. As a result, all deposits and withdrawals have been temporarily suspended by the exchange as it investigates this incident.
Recent Cryptocurrency Attacks
Cryptocurrency platforms have seen a rise in attacks over recent times with notable ones such as Axie Infinity’s Ronin Bridge exploit where hackers made off with over $625 million. Similarly last Sunday SushiSwap was exploited due to a bug resulting in over $3 million loss while Sentiment also suffered an attack leading to theft of over $500,000 due to re-entrancy attack. Earlier this month Euler Finance was also targeted resulting in loss of more than $200 million but luckily most of it was recovered after negotiations with the attackers amounting up to roughly $31 million.
Preventive Measures Taken By ExchangesIn order prevent such incidents from occurring again several preventive measures are being taken by crypto exchanges such as monitoring strange activities on their platform or blocking transactions coming from suspicious addresses as requested by GDAC itself post its own attack incident . Therefore exchanges must take necessary steps for security purposes otherwise similar incidents could be seen again in future which would lead not only heavy losses for investors but would also cast doubt upon reliability of cryptocurrencies .
< h4 > Disclaimer h4 > This article is provided for informational purposes only and does not constitute financial advice or investment recommendation .