South Korean crypto exchange GDAC suffers $13 million hack

Home » South Korean crypto exchange GDAC suffers $13 million hack

  • South Korean exchange GDAC reported the hack early Monday.
  • The exchange said the hackers stole nearly 61 BTC, 350.5 ETH, 10 million WEMIX tokens and 220,000 USDT.
  • On-chain data shows the hacker has swapped USDT for ETH and sent 461 ETH to a crypto mixer.

Crypto news out of South Korea is that hackers stole nearly $13 million from the crypto exchange GDAC. The exchange reported that the incident occurred on Sunday.

According to the exchange’s security update, the hackers transfered roughly 61 bitcoin, 350 ether, 10 million WEMIX tokens and 220,000 USDT from its hot wallet.

In total, the hack left GDAC with a $13 million or so hole in stolen crypto, with the lost funds accounting for 23% of the exchange’s total custodial holdings.

As a result of the hack, GDAC suspended its wallet system, pausing deposits and withdrawals. The exchange also announced it had reported the hack to the South Korea police, requesting for a cyber investigation.

Hacker sends 461 ETH to Tornado Cash

GDAC said the assets were taken from its hot wallet, with the hackers transferring the coins to an unknown crypto wallet. 

While GDAC says its working with Korean security experts and authorities in a bid to recover the funds, crypto market intelligence firm Arkham reports the hacker has swapped the USDT into ETH. 

The blockchain intelligence platform revealed on Monday that the attacker had already sent approximately 461 ETH to the crypto mixing platform Tornado Cash.

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