South Korean cryptocurrency exchange GDAC illegally leaks assets worth 1.9 billion yen

Illegal outflow of virtual currency

South Korea’s centralized crypto asset (virtual currency) exchange GDAC announced on the 10th that assets had been illegally stolen from its hot wallet.

The fraudulent outflow occurred on the 9th, after which the deposit and withdrawal service was temporarily suspended, and the details are currently under investigation. He said he had reported the matter to the relevant authorities, including the police.

The outflow of assets this time is equivalent to 1.9 billion yen. This amount represents 23% of all assets held by GDAC. The leaked brands and their quantities are as follows.

Bitcoin (BTC): 60.80864074 BTC (equivalent to 230 million yen)
Ethereum (ETH): 350.5 ETH (equivalent to 88.5 million yen)
USDT: 220,000 USDT (equivalent to 29.3 million yen)
WEMIX (game-related stock): 10 million WEMIX (equivalent to 1.56 billion yen)

GDAC said it had asked the exchanges to cooperate with the freeze of the assets. We are also asking for relevant information. In the announcement on the 10th, it said that it is undecided when deposits and withdrawals will resume.

What is a hot wallet

Refers to a “wallet” that is connected to the Internet and plays the role of a wallet for storing virtual currency. Since it is connected to the Internet, it has the advantage of being able to make transactions and remittances immediately, but there are concerns about security such as unauthorized access damage.

Cryptocurrency Glossary

Attacks in the virtual currency domain

Attacks on the cryptocurrency area, such as not only centralized exchanges like GDAC, but also decentralized exchanges (DEX), bridges, and official Discord, continue to this day.

connection: The total hacking amount in October exceeded 110 billion yen, the highest ever

In the case of a centralized exchange, a fraudulent outflow of assets was also confirmed from the failed FTX. It is reported that the U.S. Department of Justice has launched an investigation into this asset, and the total amount of assets to be investigated is approximately 53 billion yen (approximately 400 million dollars).

connection: U.S. Department of Justice launches investigation into virtual currency illegally leaked from FTX = report

In a recent case, on the 9th, blockchain security company PeckShield reported that assets were illegally leaked from DEX SushiSwap. Meanwhile, SushiSwap later announced that it had successfully recovered many of the compromised assets through white-hat security processes.

connection: Hacking worth 400 million yen on decentralized exchange SushiSwap

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