The hot wallet of the crypto exchange GDAC gets hacked

GDAC was the victim of a attack. From pirates managed to siphon off the hot wallet of the small south korean exchange and to fly near 13 million dollars in miscellaneous tokens.

Monday, GDACa cryptocurrency exchange platform based in South Korea, has announced to have undergone a hack and has temporarily suspended withdrawals and deposits on its service.

At approximately 7:00 a.m. on Sunday, April 09, 2023, a hack occurred in GDAC’s hot wallet,” reads a statement.

The company says the stolen funds include 10 million WEMIX, 350 ETH, 220,000 USDT and 61 BTC, the equivalent of nearly 13 million dollars at the time of the theft.

According to the announcement, the stolen digital items represent nearlya quarter of the assets on deposit on GDAC.

We have reported this to the police and requested a cyber investigation. We request the cooperation of issuers, exchanges and DeFi managers to freeze the assets,” the exchange said.

Last fall, the hot wallet of Deribit, a crypto derivatives exchange, was also hacked for a $28 million loss.

The hot wallets are more flexible but also more vulnerable than cold walletswhich are disconnected from the Internet. Exchanges usually use a combination of both solutions to offer a fast service to their customers.

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