South Korean crypto exchange GDAC has been hacked. Losses amounted to approximately USD 13.9 million

The exchange has currently halted all deposits as well as withdrawals and is conducting emergency server maintenance in response to the attack, according to an April 10 announcement from GDAC CEO Han Seunghwan.

Some of the crypto stolen was approximately 61 Bitcoin, 350.5 Ether, 10 million WEMIX game currency, and Tether worth USD 220,000. This totals approximately USD 3.9 million worth of crypto at April 10 prices.

“The amount stolen is approximately 23 percent of Gdac’s total current custodial assets,” the company said in an announcement, as quoted by Cointelegraph, Tuesday (11/4/2023).

The exchange has also notified the police, reported the hack to the Korea Internet & Security Agency (KISA), and informed the Financial Intelligence Unit (FIU) of the losses caused by the attack.

GDAC also asked crypto exchanges not to accept deposits made from the address that carried out the attack.

Hacking of centralized exchanges continues to be a problem in the crypto industry. Case in point Crypto.com was hacked for over USD 15 million in January 2022.

In the midst of a liquidity crisis at FTX, an attacker spent USD 663 million from a failed crypto exchange. The GDAC attack may be the first major centralized crypto exchange hack of 2023.