Crypto Exchange GDAC Halts Deposits and Withdawals Following $13 Million Hack

Hackers drained almost $13 million worth of digital assets from the South Korean cryptocurrency platform GDAC.

This is the latest in a string of setbacks the industry went through.

The Latest Victim

The exchange’s team notified its users on April 9 that hackers exploited the Gdac Hot Wallet and transferred a significant amount of cryptocurrencies to an unidentified wallet. 

They stole over 60 BTC, 350.5 ETH, 10,000,000 WEMIX, and 220,000 USDT (which accounted for around 23% of the platform’s total custodial assets). The valuation of the tokens was nearly $13 million. 

GDAC took emergency measures shortly after the hack and blocked the wallet network (deposit and withdrawal system and all related servers). It also reported the problem to law enforcement agencies and requested an investigation. 

Subsequently, it informed the FIU and the Korea Internet & Security Agency (KISA) and asked DeFi managers and other exchanges to cooperate in resolving the issue.

“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.”

Gdac is currently working alongside various organizations to detect the criminals and resume all operations on its platform. 

“We ask for your understanding that it is difficult to confirm the resumption point of deposit and withdrawal as the investigation is currently underway,” it added.

The Euler Finance Saga

Decentralized Finance (DeFi) lending protocol Euler Finance became a victim of one of the biggest hacks in the cryptocurrency space lately. Perpetrators stole almost $200 million in digital assets through a so-called flash loan attack. 

The entity offered the wrongdoers to keep $20 million if they returned the remaining funds, but the latter were reluctant to accept the agreement and mixed the assets in Tornado Cash.

The hacker going by the name “Jacob,” changed their stance at the end of March and sent back more than $100 million worth of ETH to Euler Finance. They even apologized and returned more of the stolen stash in the following days.

The entire ordeal turned out for the better toward the end of last week when the wrongdoer sent back all recoverable assets after successful negotiations with the protocol’s team.