Due to the attack, GDAC has been obliged to halt all deposits and withdrawals while the exchange carries out urgent server maintenance. The relatively tiny site disclosed that the theft of almost 23% of its total assets, including Bitcoin, Ethereum, USDT, and WEMIX tokens, was the consequence of the breach.
In particular, after robbing its hot wallets, about 61 Bitcoin, 351 Ethereum, 10 million WEMIX gaming coins (the exchange’s native cryptocurrency), and 220,000 USDTs were taken. According to the announcement, the team will update its users with further information as it learns more about the incident.
The Crypto Exchange, GDAC
In addition to some other altcoins, GDAC provides trading in a variety of cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin. GDAC provides a range of additional digital asset-related services in addition to its exchange services, such as an OTC trading desk, a payment gateway, and a crypto lending platform.
GDAC has taken several actions in response to the security breach, including contacting the local police and authorities about the attack. To stop the stolen funds from being laundered and to recover them, the team is also closely collaborating with other cryptocurrency exchanges and issuers on a national and worldwide level.
- GDAC has taken several actions in response to the security breach.
- Through a mobile application that records and validates the transaction data.
- Cryptocurrency worth billions of dollars has been stolen as a result of the breaches.
GDAC was introduced in 2018 and is owned by Streami Inc., a fintech business specializing in the development of blockchain technology and services for digital assets. The exchange has been promoting its “Proof of Real Trade” method as a way to guard against manipulating the market and guarantee that trading volumes are accurate. Through a mobile application that records and validates the transaction data, traders are obliged under this method to confirm their transactions.
Despite the exchange using several security measures, such as two-factor authentication, cold storage, and multi-signature technology, the terrible incident nevertheless occurred.
Numerous cryptocurrency exchanges have been compromised throughout the years, making them a common target for hackers. Cryptocurrency worth billions of dollars has been stolen as a result of these breaches, which have also seriously harmed the reputation of the exchanges that were compromised.
Exchanges can be hacked in many ways, with the most popular ones being phishing scams, malware infestations, and social engineering. A hacker can use a variety of methods to steal cryptocurrency from an exchange’s wallets if they have access to its systems. These methods include obtaining private keys, taking advantage of holes in the exchange’s code, and accessing user accounts through phishing scams.