South Korean crypto platform GDAC lost at least $13 million in Bitcoin (BTC), Ethereum (ETH), WEMIX, and USDT through a hot wallet hack on April 9.

After the exchange’s monitoring system detected the hack, GDAC’s monitoring team suspended deposits and withdrawals and alerted authorities.

GDAC Hacked Funds Almost 25% of Assets Under Custody

The hacker stole 60.81 BTC (approximately $1.7 million), 350.50 ETH ($649,000), 10,000,000 WEMIX ($11.4 million), and 220,000 USDT ($220,000). The stolen assets make up 23% of GDAC’s assets under custody.

After the hack, the Seoul-based exchange contacted the police and reported the incident to the Korea Internet and Security Agency. It also notified the Financial Intelligence Unit, the government agency responsible for preventing money laundering and terrorist financing. 

It has also asked other exchanges to prevent deposits from a wallet address holding the stolen funds.

Hong Kong’s upcoming crypto legislation proposes allowing crypto custodians to hold up to 2% of customer assets in hot wallets. Platforms must also hold insurance to cover custody risks.

Security firm BlockSec has recovered 100 ETH from a DeFi hack that exploited a bug in SushiSwap’s Router2Processor2 smart contract on April 9. Security firm PeckShield initially reported that the hack cost one user at least 1,800 ETH ($3.3 million).

South Korean Authorities Frustrated in Do Kwon Extradition Efforts

South Korean prosecutors recently seized assets belonging to Terraform Labs’ co-founder Daniel Shin. 

Authorities have foreclosed Shin’s apartments in Seoul and land in Hwaseong and Gapyeong in South Chungcheong province. They have also seized cars belonging to Shin and others. The prosecutors estimate that proceeds from crimes allegedly perpetrated by S

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Author: David Thomas

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