Cryptocurrency exchanges all over the world are always at risk of getting hacked, and this incident is a reminder of this harsh reality. GDAC suffered an immense damage, losing around 23% of its total assets, amounting to a loss of $6 million.
This comes as a double blow to GDAC, not just due to the monetary losses, but because the South Korean crypto exchange relies extensively on its reputation. Its reputation has been put in doubt with the hacking incident, leading to a temporary shutdown of the site. GDAC took to its official Twitter handle to confirm the hacking incident and urged users to not deposit funds into their exchange wallet.
The exchange went as far as to ask other crypto platforms to block outgoing transactions to let GDAC sort out the situation. Upon checking the site, it was observed that all Bitcoin (BTC) and Ethereum (ETH) transactions have been blocked, with only USDT and KRW trading pairs still on offer.
GDAC has issued an update regarding its investigation process, which will include examining the internal platform logs, the blockchain, etc. It has also informed its users to make sure their accounts are secure and regularly change their passwords.
It remains to be seen whether GDAC will retain its customers despite this hack and subsequent investigations.
On Sunday, South Korean cryptocurrency exchange GDAC announced a significant hack that left it with around 23% losses of its total assets amounting to around $6 million. This massive incident casts a cloud over GDAC's reputation as it is a platform that relies greatly on its name, leading to a temporary shutdown of the site. The exchange has released an update about their investigation to try and understand the internal logs, blockchain and any other factors which could have caused the hack. GDAC has asked users to secure their account and regularly change passwords, but whether or not the platform is salvageable, time will tell. In a testament to the unpredictability of the cryptocurrency market, this hacking incident serves as an important reminder of the risks that come with investing in digital assets.
Joseph Ruiz
- 2023-04-10
GDAC Hacked of $6 Million
South Korean crypto exchange GDAC has suffered a hacking incident that saw 23% of its total assets, a whopping $6M, get stolen. GDAC has requested other crypto sites to block outgoing transactions and asked users to secure their accounts and regularly change passwords.
