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South Korea’s GDAC crypto exchange has been hacked, and it lost more than KRW20 billion or around $15 million worth of crypto coins. The company confirmed the hacking incident earlier this week and shared that the attack happened on Sunday morning.
As per Yonhap News Agency, the exact total of the stolen crypto was KRW20.27 billion, which is said to be equivalent to 23% of the assets being held by GDAC. The hackers stole digital assets that included 350 Ethereum (ETH) tokens and more than 60 Bitcoins (BTC).
The tokens were transferred to different unidentified wallets, with some appearing to have been sent to foreign crypto exchanges. GDAC is working with local and foreign crypto exchanges and issuers in an attempt to stop the possible laundering of stolen digital coins.
The hacking came to light after GDAC reported the attack to the authorities and the Korea Internet & Security Agency (KISA). The Korea Financial Intelligence Unit (FIU) was also informed, and the crypto exchange immediately suspended deposit and withdrawal services as well. It was mentioned that GDAC only revealed the incident 34 hours after it took place.
Korea Joongang Daily reported that some Wemix coins worth KRW10 million were also stolen, and KRW220,000 worth of Tether. GDAC has now requested a police investigation to find more details about the hacking.
“Some of the assets are presumed to have been sent to the foreign exchange market so we are attempting to withdraw the hacked assets and block hacker’s money laundering by cooperating with domestic and foreign exchange markets and issuers,” GDAC said in a statement.
GDAC ranks 187th in the list of largest crypto exchanges in the world based on the records from CoinMarketCap. In the list, another Korean crypto firm, Bithumb, secured the 17th spot, while Upbit is at no. 20.
