{"id":47634,"date":"2023-04-10T17:28:44","date_gmt":"2023-04-10T21:28:44","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=47634"},"modified":"2023-04-10T17:30:14","modified_gmt":"2023-04-10T21:30:14","slug":"gdac-suspends-withdrawals-deposits-after-13m-hack","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/gdac-suspends-withdrawals-deposits-after-13m-hack\/","title":{"rendered":"GDAC suspends withdrawals, deposits after $13M hack"},"content":{"rendered":"\n

The GDAC cryptocurrency exchange in South Korea<\/a> was breached, losing over $13.9 million in cryptocurrency.<\/p>\n\n\n\n

\"GDAC
GDAC suspends withdrawals, deposits after $13M hack<\/figcaption><\/figure>\n\n\n\n

In reaction to the attack, the exchange has paused all deposits and withdrawals and is carrying out urgent server repair, according to a statement made by GDAC CEO Han Seunghwan on April 10.<\/p>\n\n\n\n

\n

Notice on #GDAC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> Exchange Hack Alert\u26a0\ufe0f

GDAC Exchange has officially announced that it has experienced a security breach

Please refer to the official announcements made by the Exchange\ud83d\udc47
\u25b6\ufe0fGDAC Announcement: https:\/\/t.co\/SNRFZTMEYg<\/use><\/svg><\/span><\/a>

WEMIX Medium: https:\/\/t.co\/7UIwyua72K<\/use><\/svg><\/span><\/a><\/p>— WEMIX (@WemixNetwork) April 10, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

The notification states that the attacker took control of a few of the exchange's hot wallets on April 9 in the early morning and started moving cryptocurrency into those wallets at 7 am Korean Standard Time. <\/p>\n\n\n\n

The incident resulted in the theft of about 61 Bitcoin (BTC $29,266), 350.5 Ether (ETH $1,898), 10 million of the WEMIX virtual currency<\/a>, and $220,000 worth of Tether (USDT $1.00). <\/p>\n\n\n\n

At the pricing of April 10, this equates to almost $13.9 million in cryptocurrency. According to the release, the amount taken represents “about 23% of Gdac's current total custodial assets.” <\/p>\n\n\n\n

The exchange has notified the Financial Intelligence Unit (FIU) of the loss brought on by the attack, informed the Korea Internet & Security Agency<\/use><\/svg><\/span><\/a> (KISA) of the hack, and alerted the police.<\/p>\n\n\n\n

Also, GDAC is requesting that cryptocurrency exchanges disregard deposits made from the attacker's address. Seunghwan claimed that the exchange is unsure of the precise timing of the start of withdrawals. <\/p>\n\n\n\n

According to Google Translate, he said: “We ask for your understanding that it is difficult to confirm the resumption point of deposit and withdrawal as the investigation is currently underway,\u201d Hacks of Centralized Exchanges<\/a> continue to be an issue for the cryptocurrency sector. <\/p>\n\n\n\n

A prime example is the $15 million theft from Crypto.com in January 2022. An attacker took $663 million from the defunct cryptocurrency exchange FTX during a liquidity issue. The GDAC attack could be the year 2023's first significant centralized crypto exchange compromise.<\/p>\n","protected":false},"excerpt":{"rendered":"

The GDAC cryptocurrency exchange in South Korea was breached, losing over $13.9 million in cryptocurrency. In reaction to the attack, the exchange has paused all deposits and withdrawals and is carrying out urgent server repair, according to a statement made by GDAC CEO Han Seunghwan on April 10. The notification states that the attacker took […]<\/p>\n","protected":false},"author":43,"featured_media":47636,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11476],"tags":[14083,12002,201],"class_list":["post-47634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hacks-and-scams","tag-gdac","tag-hacks","tag-korea"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/04\/croc_1681158292258.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=47634"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/47636"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=47634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=47634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=47634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}