Another hack in the web3 world.

GDAC, a crypto exchange based in South Korea was hacked today. GDAC is known for token to token transactions. The hack resulted in theft of 23% of the assets of the exchange. The exchange lost over US$13.1 million in Bitcoin, Ether, Wemix and USDT. More than US$10 million of the losses were in Wemix.

GDAC has since suspended its withdrawal and deposit services and reported the incident to the Korea Internet and Security Agency and the Financial Intelligence Unit. GDAC also requested other cryptocurrency exchanges to block incoming transactions from suspicious addresses.

Around 3.8 billion USD were stolen in 2022 by the hackers the largest one-year loss in crypto’s history, according to blockchain analytics firm Chainalysis.