South Korean cryptocurrency exchange GDAC cyberattacked
Hackers attacked South Korean cryptocurrency exchange GDAC on 9 April and transferred around 23% of its total custodial assets from the exchange’s hot wallet.
Hackers attacked the South Korean cryptocurrency exchange GDAC on 9 April and transferred around 23% of its total custodial assets from the exchange’s hot wallet. This includes around $13 million in crypto in the form of Bitcoin, Ethereum, Wemix and Tether.
The hackers gained access to GDAC’s hot wallet, which holds cryptocurrencies being actively traded.
While the exact modus operandi of the hackers to gain access to GDAC’s hot wallet is still unknown, it is believed that they used a combination of phishing emails and other social engineering techniques.
In the meantime, GDAC has informed its customers about the cyberattack and reported the incident to the Korean Internet Promotion Agency (KISA) and the Korean Financial Intelligence Unit (KoFIU), has suspended its wallet system and related servers and is working to recover the funds.
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