South Korean crypto exchange GDAC hacked for nearly $14M

South Korean crypto speech GDAC has been hacked for astir $13.9 cardinal worthy of crypto. The speech has halted each deposits and withdrawals and is performing exigency server attraction successful effect to the attack, according to an April 10 announcement from GDAC CEO Han Seunghwan.

According to the announcement, the attacker gained power of immoderate of the exchange’s blistery wallets connected the greeting of April 9, and astatine 7 a.m. Korean Standard Time began moving crypto into wallets nether the attacker's control. Around 61 Bitcoin (BTC), 350.5 Ether (ETH), 10 cardinal of the WEMIX gaming currency, and $220,000 worthy of Tether (USDT) were stolen successful the attack. This totals astir $13.9 cardinal worthy of crypto astatine April 10 prices.

The magnitude stolen is “approximately 23% of Gdac's existent full custodial assets,” the announcement said. The speech has alerted the police, reported the hack to the Korea Internet & Security Agency (KISA), and notified the Financial Intelligence Unit (FIU) of the nonaccomplishment caused by the attack.

Related: Here’s however overmuch was mislaid to crypto hacks and exploits successful Q1 2023

GDAC is besides asking crypto exchanges not to grant deposits made from the code that performed the attack.

Seunghwan said that the speech does not cognize erstwhile withdrawals volition beryllium resumed. "We inquire for your knowing that it is hard to corroborate the resumption constituent of deposit and withdrawal arsenic the probe is presently underway," helium said, according to Google Translate.

Centralized speech hacks proceed to beryllium a occupation successful the crypto industry. Case successful point: Crypto.com was hacked for implicit $15 million successful January 2022. Amid a liquidity situation astatine FTX, an attacker drained $663 million from the failed crypto exchange. The GDAC onslaught whitethorn beryllium the archetypal large centralized crypto speech hack of 2023.