S. Korean exchange GDAC hacked, loses around 23% of its assets

GDAC, a South Korean cryptocurrency exchange that only serves token-to-token transactions, reported a significant hacking incident that occurred on Sunday.

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Fast facts

• At around 7 a.m., the platform’s hot wallet was hacked. The stolen assets, representing approximately 23% of GDAC’s holdings, were transferred to an unidentified wallet, the exchange said in a statement on Monday.
• The exchange lost over US$13.1 million in Bitcoin, Ether, Wemix and USDT. More than US$10 million of the losses were in Wemix.
• GDAC said it has since suspended its withdrawal and deposit services and has reported the incident to the Korea Internet and Security Agency and the Financial Intelligence Unit. The exchange also requested other cryptocurrency exchanges to block incoming transactions from suspicious addresses.
• Cryptocurrency hacks have been on the rise, with US$3.8 billion worth of assets stolen by illicit actors last year, the largest one-year loss in crypto’s history, according to blockchain analytics firm Chainalysis.

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