South Korean stock market GDAC suffers a breach worth around 23 percent of its value

A serious hacking event that took place on Sunday was reported by the cryptocurrency exchange known as GDAC, which is located in South Korea and solely facilitates transactions between tokens.

The hot wallet of the site was compromised at about seven in the morning. According to a statement released by the exchange on Monday, the stolen funds, which accounted for around 23% of GDAC’s holdings, were moved to a wallet that the company did not name.

The cryptocurrency exchange suffered a loss of more than $13.1 million in Bitcoin, Ether, Wemix, and USDT. Wemix was responsible for more than $10 million of the total losses.

Since then, GDAC has said that it has halted both its withdrawal and deposit services and that it has informed both the Korea Internet and Security Agency and the Financial Intelligence Unit about the event. Additionally, the exchange recommended that all other cryptocurrency exchanges obstruct incoming transactions from addresses that seemed to be suspicious.

According to the blockchain analytics company Chainalysis, the number of cryptocurrency thefts has been on the increase. Illicit actors were responsible for the theft of assets worth US$3.8 billion last year, making it the highest one-year loss in the history of cryptocurrencies.

Also Read: The Bitcoin White Paper Is Currently Available In 43 Languages