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Hackers Attack South Korean Cryptocurrency Exchange – Gdac – and Steal $13 Million

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On April 10th, Gdac, the South Korean cryptocurrency exchange, reported being attacked by hackers on Sunday, resulting in a loss of nearly $13 million. On April 9th, hackers transf

Hackers Attack South Korean Cryptocurrency Exchange - Gdac - and Steal $13 Million

On April 10th, Gdac, the South Korean cryptocurrency exchange, reported being attacked by hackers on Sunday, resulting in a loss of nearly $13 million. On April 9th, hackers transferred nearly $13 million (23% of their total managed assets) from Gdac Hot Wallet to an unidentified wallet. Hackers have stolen nearly 61 Bitcoin (BTC), 350.5 Ethereum (ETH), 10 million Wemix tokens (WEMIX), and 220000 USDTs. Gdac stated that it has notified the authorities of the hacking incident and is working to recover the funds.

Nearly $13 million in assets stolen from Gdac, a South Korean cryptocurrency exchange

**Introduction**
Cryptocurrency exchanges have been faced with various security challenges ever since they emerged, as hackers are consistently devising new ways to breach their security systems. South Korean cryptocurrency exchange, Gdac, recently suffered a major blow after hackers attacked their system, resulting in a loss of nearly $13 million. This article will discuss the details of this hacking incident, the impact on the exchange and the next steps being taken by Gdac to recover the stolen funds.
**The Hack Attack on Gdac**
On Sunday, April 10th, 2022, Gdac announced that they had been hacked by unidentified individuals on the previous day, resulting in the loss of almost $13 million. Gdac released a statement informing their clients that hackers had stolen approximately 61 Bitcoins (BTC), 350.5 Ethereum (ETH), 10 million Wemix tokens (WEMIX), and 220,000 USDTs (Tether Stablecoin).
According to reports, the hackers transferred almost $13 million (23% of the exchange’s total managed assets) from Gdac Hot Wallet to an unidentified external wallet. In response to the incident, Gdac revealed that they have notified the authorities of the situation and are working to recover the stolen funds.
**Impact of the Hack Attack on Gdac**
The hack attack on Gdac has caused significant damage to the exchange, as they have lost a considerable amount of their assets. The stolen cryptocurrencies and tokens are worth millions of dollars, and it will take some time to recover these funds, even if the exchange is able to reclaim them from the hackers.
Moreover, the incident has also caused a loss of trust among clients who have deposited their funds with the exchange. As a result, Gdac might experience a decrease in trading volume, which will negatively affect the exchange’s reputation and financial position.
**Gdac’s Response to the Hack Attack**
In response to the hack attack, Gdac has been reassuring their clients that they are taking every necessary step to minimize the impact of the attack and recover the stolen funds. In the statement released by Gdac, the exchange revealed that they would be conducting a thorough review of their security systems and strengthening their infrastructure to prevent this from happening again in the future.
Furthermore, Gdac has also announced that they will be working closely with the authorities to track down the hackers and recover the stolen funds. The exchange has assured their clients that they will be keeping them informed of any developments as they unfold.
**Conclusion**
The hack attack on Gdac highlights the continuous security risks facing cryptocurrency exchanges, and the need for exchanges to continually upgrade their security systems to protect themselves and their clients from potential attacks. Gdac is in a challenging situation, as recovering the stolen funds will be a difficult process. The long-term impact of the hack attack on the exchange remains to be seen.
**FAQs**
Q: How did the hackers manage to attack Gdac’s security system?
A: The details of how the hackers breached Gdac’s security system are still under investigation.
Q: Will Gdac recover the stolen funds?
A: Gdac is working closely with the authorities to track down the hackers and recover the stolen funds, but there is no guarantee that they will be able to reclaim them.
Q: What will be the long-term impact of this hack attack on Gdac?
A: The long-term impact of the hack attack on Gdac remains to be seen, but it is likely to negatively affect the exchange’s reputation and financial position.
**Keywords:** cryptocurrency exchange, hack attack, Gdac, South Korea, stolen funds.

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