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South Korean Crypto Exchange Gdac Losses $13 Million In A Hack

Twitter icon  •  Published 1 year ago  •  Hassan Maishera

South Korean crypto exchange Gdac has suffered a hack, losing $13 million to the hackers.

TL;DR

  • South Korean crypto exchange Gdac has lost nearly $13 million in a hack over the weekend.

  • The hack comes barely 24 hours after the decentralized exchange Sushiswap was exploited.

Gdac Suffers A Hack

South Korean crypto exchange Gdac announced on Monday that it was hacked for nearly $13 million. According to the crypto exchange, the hack took place on Sunday. 

Gdac revealed that the hackers transferred nearly $13 million worth of crypto, accounting for 23% of its total custodial assets. The funds were transferred from Gdac's hot wallet to an unidentified wallet.

The cryptocurrency exchange said the hackers stole around 61 bitcoins (BTC), 350.5 ether (ETH), 10 million wemix tokens (WEMIX) and 220,000 USDT. Gdac has already notified authorities about the exploit and is working hard to recover the funds. 

This latest development comes barely 24 hours after the decentralized finance protocol Sushiswap was exploited for $3.3 million. The exploit specifically involves the 'RouterProcessor2' contract, which is used to conduct trade routing on the decentralized exchange. Sushiswap has been able to recover some of the stolen funds and is working to recover the others.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.