Korea-based exchange GDAC suspends withdrawals, deposits after $13M hack

South Korea-based cryptocurrency exchange GDAC was hacked with digital assets worth around $13 million in the early hours of April 9.

According to a statement dated April 10, the exchange said stolen assets accounted for 23%. total assets under management.

According to the exchange, the stolen assets included approximately 61 Bitcoin (BTC), 350.5 Ethereum (ETH), 10 million WEMIX, and 220,000 USDT.

Source: GDAC

Due to the incident, the exchange has temporarily suspended deposit and withdrawal services, adding that it will conduct emergency server maintenance.

The GDAC said it notified authorities such as the South Korean police and the Korea Internet & Security Agency (KISA) about the hack and requested a cyber investigation.

“I would like to ask the representatives of exchanges dealing with virtual assets to immediately block deposits from the address where the withdrawal occurred, as stated in the official notice.”

GDAC has also urged other exchanges, DeFi platforms and others to freeze stolen funds if they are transferred to their platforms.

Meanwhile, the hacked exchange Said Due to the ongoing investigation, it was unclear when services would resume.

According to CEO Han Seung-hwan, the exchange is “doing its best to work with various organizations” to trace the stolen funds.

Crypto Exploits in 2023

After a quiet start to the year, crypto hacking has started to recover. In March, blockchain security company Peckshield report 26 cryptocurrency projects were hacked for $211 million.

According to Peckshield, the March 13th hack of Euler Finance (EUL) was responsible for more than 90% of its losses. But then the hackers returned everything they stole.

Meanwhile, Defilama data Malicious players stole $1.57 million from two crypto projects in April — Sentiment lost $1 million and Allbridge was hacked for $570,000.

The deposit came after the $13 million hack first appeared on CryptoSlate after South Korea-based exchange GDAC suspended withdrawals.

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