GDAC Suspends Deposits and Withdrawals Amidst a $13M Hack

GDAC suspends deposits and withdrawals amidst a $13M hack
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GDAC suspends deposits and withdrawals amidst a $13M hack. During the early hours of April 9, the Korea-based crypto exchange was hacked for roughly $13 million in digital assets.


  • During the early hours of April 9, GDAC was hacked for over $13 million in digital assets.
  • Hackers stole nearly 61 BTC, 350.5 ETH, 10,000,000 WEMIX, and 220,000 USDT.
  • Deposit and withdrawal services have been temporarily suspended to allow for emergency server maintenance.

On April 9, the exchange’s team informed its users that hackers had exploited the Gdac Hot Wallet and transferred significant amounts of cryptocurrency to an unidentified wallet.

The stolen assets accounted for 23% of the total assets managed by the exchange, according to an April 10 statement.

“At around 7 am on Sunday, April 09, 2023, a hack occurred in the Gdac Hot Wallet, and the following amount of assets were transferred to an unidentified wallet. This is approximately 23% of Gdac’s current total custodial assets.”

The exchange went further to disclose the assets that were missing, saying the stolen assets included nearly 61 Bitcoin (BTC), 350.5 Ethereum (ETH), 10 million WEMIX, and 220,000 USDT as seen in the image below.

GDAC suspends deposits and withdrawals amidst a $13M hack

GDAC took emergency measures shortly after the hack, blocking the wallet network deposit and withdrawal system and all related servers, adding that it would perform emergency server maintenance.

It also stated that it had notified authorities, including the Korean police and the Korea Internet and Security Agency (KISA) amongst others about the hack and had requested a cyber investigation.

“We ask those in charge of exchanges handling virtual assets to immediately block the deposit from the address where the withdrawal occurred, as stated in the official notice.”

GDAC added:

“We ask for your understanding that it is difficult to confirm the resumption point of deposit and withdrawal as the investigation is currently underway.”

GDAC is currently collaborating with various organizations to identify the perpetrators and restore all platform operations. This incident sent shockwaves through the industry, raising concerns about the security of digital assets.

Featured image: Shutterstock

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