Hackers made off with roughly $13 million across a variety of cryptocurrencies after raiding the South Korean crypto exchange GDAC. The incident occurred around on April 9, with the hackers targeting the exchange’s hot wallet. The stolen assets represent roughly 23% of GDAC’s total holdings, and included 60.8 Bitcoin (BTC), 350.5 Ethereum (ETH), 10 million WEMIX tokens, and 220,000 in the dollar-pegged stablecoin USDT, the company said in a statement Monday. WEMIX is the native token powering the eponymous crypto network. The WEMIX team said that it is “closely monitoring the situation.” For detailed information and updates on the incident, WEMIX asked to refer to the official announcements made by GDAC. Crypto exchanges use hot wallets to store a portion of their funds that are available for immediate withdrawals and trading activities. However, hot wallets also come with security risks. Contrary to cold wallets that keep assets offline, hot wallets are connected to the internet, meaning that if an exchange’s hot wallet is compromised, it can result in significant financial losses for the exchange and its users.
Full story : Hackers Rob South Korean Exchange of $13M in Bitcoin, Ethereum, Other Assets.
