On Sunday, South Korean cryptocurrency exchange GDAC was hacked, with the hackers managing to steal nearly $13 million worth of cryptocurrency. The attackers were able to drain crypto assets from the exchange hot wallet to an unidentified wallet. The exchange has notified relevant authorities and is working to retrieve the stolen funds, which account for nearly 23% of its crypto assets.
The exchange has suspended all deposits and withdrawals as it investigates the incident, and has requested other cryptocurrency exchanges to block transactions coming from any suspicious address.
At the same time, GDAC has also reached out to foreign authorities and exchanges in an attempt to prevent the stolen funds from being laundered.
Furthermore, this hack is the latest in a series of cyber attacks on cryptocurrency exchanges, with several notable exploits occurring in the past year. The most prominent among these was the Ronin Bridge exploit, which saw Axie Infinity’s Ronin Bridge lose $625 million. Another recent hack was the Sentiment hack, which resulted in hackers stealing over $500,000.
Euler Finance also suffered an exploit in March where hackers drained nearly $200 million from the protocol, but managed to recover all of the recoverable funds after a drawn-out negotiation with the hackers.
The increasing number of cyber attacks on cryptocurrency exchanges highlights the need for robust security measures to protect against such attacks.
