Approximately $13 million worth of digital assets was drained by hackers from the South Korean cryptocurrency platform GDAC, marking the latest setback for the industry.
The Latest Victim
On April 9, GDAC’s team notified its users that an unidentified wallet received a significant amount of cryptocurrencies after hackers exploited the Gdac Hot Wallet.
The hackers stole around 23% of the platform’s total custodial assets, which included over 60 BTC, 350.5 ETH, 10,000,000 WEMIX, and 220,000 USDT. The tokens were valued at nearly $13 million.
Following the hack, GDAC took emergency measures by blocking the wallet network, deposit and withdrawal systems, and all related servers. The platform also reported the issue to law enforcement agencies and requested an investigation. GDAC informed the FIU, KISA, and asked DeFi managers and other exchanges to cooperate in resolving the issue.
“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 is currently working with various organizations to detect the criminals and resume its operations.
“We ask for your understanding that it is difficult to confirm the resumption point of deposit and withdrawal as the investigation is currently underway,” it added.
The Euler Finance Saga
In one of the biggest hacks in the cryptocurrency space recently, decentralized finance lending protocol Euler Finance was hacked, resulting in the theft of almost $200 million in digital assets through a flash loan attack. The perpetrator mixed the assets in Tornado Cash, and despite being offered $20 million and returning the remaining funds, they sent back more than $100 million worth of ETH to Euler Finance eventually.
The wrongdoer changed their stance at the end of March and even apologized while returning more of the stolen stash in the following days. The entire ordeal ended well when the wrongdoer sent back all recoverable assets after successful negotiations with the protocol’s team toward the end of last week.