GDAC Hacked for Nearly $13 Million

Photo of author

By A D

On April 10, 2023, it was reported that South Korean cryptocurrency exchange GDAC had been hacked. The hackers stole approximately $13 million worth of cryptocurrencies from the platform. Nearly 61 bitcoin (BTC), 350.5 ether (ETH), 10 million wemix tokens (WEMIX), and 220,000 USDT were taken by the hackers. The exchange quickly responded to the attack, suspending all transactions and deposits. They also notified the authorities and began working with them to investigate the incident.

The attackers reportedly used a combination of social engineering and hacking techniques to gain access to GDAC’s systems. It’s unclear how many users were affected, but the exchange has assured its customers that all stolen funds will be reimbursed.

The South Korean government has been working to regulate the country’s cryptocurrency industry for several years. In January 2023, new regulations came into effect, requiring exchanges to verify the identity of all users and report suspicious transactions to the authorities. The aim of these regulations is to crack down on money laundering and other illegal activities that can be facilitated by cryptocurrencies.

While these regulations are a step in the right direction, they may not be enough to prevent all cyberattacks on cryptocurrency exchanges. The GDAC hack highlights the need for constant vigilance and the importance of strong security measures to protect users’ funds.

The cryptocurrency industry has also caught the attention of North Korean hackers. In March 2023, an international sting operation was launched to catch a group of North Korean hackers responsible for stealing over $1 billion worth of cryptocurrencies from exchanges around the world.

The hackers reportedly used a sophisticated technique known as “chain-hopping” to evade detection. This involves moving stolen funds through multiple cryptocurrency exchanges in small amounts to avoid detection. The international effort to catch these hackers shows the growing concern among governments and industry players about the potential risks of cryptocurrencies.

Despite the risks, cryptocurrencies remain popular in South Korea. South Korea has one of the highest rates of cryptocurrency ownership in the world. Over 30% of respondents said they had invested in cryptocurrencies, and Bitcoin was the most popular choice. The popularity of cryptocurrencies in South Korea is driven in part by the country’s high-tech culture and advanced infrastructure. However, the GDAC hack highlights the need for continued education and awareness about the risks associated with cryptocurrencies.

Leave a Comment