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GM Guys and Gals,
Ahoy, dear crypto lovers! Hold on to your virtual hats as we bring you the latest news in the digital Wild West. It seems a gang of daring hackers has made off with a cool $13 million in various cryptocurrencies after pillaging South Korea's very own GDAC crypto exchange. Yikes!
On April 9th, the cyber-bandits targeted GDAC's hot wallet, which was apparently hot enough to hold a whopping 23% of the exchange's total assets.
Among the digital booty were 60.8 Bitcoin (BTC), 350.5 Ethereum (ETH), 10 million WEMIX tokens, and 220,000 in the dollar-pegged stablecoin USDT. Rumour has it they were also searching for the legendary CryptoKitty, but alas, no such luck.
WEMIX, the native token powering the eponymous crypto network, is keeping an eye on the situation. Their team has been monitoring the digital landscape, eagerly awaiting any trace of the stolen loot. In the meantime, they kindly ask folks to keep an eye on official GDAC announcements for any updates.
Now, we all know hot wallets are great for quick withdrawals and trading, but boy-oh-boy, do they come with security risks! Unlike their cold wallet cousins, which safely store assets offline, these online hot wallets are prone to be raided by the digital desperadoes of the crypto world.
GDAC CEO Seunghwan Han swiftly took action, suspending and blocking the exchange's wallet system and related servers as soon as the heist was confirmed.
Notice on #GDAC Exchange Hack Alert⚠️
GDAC Exchange has officially announced that it has experienced a security breach
Please refer to the official announcements made by the Exchange👇
▶️GDAC Announcement:WEMIX Medium:
— WEMIX (@WemixNetwork)
Apr 10, 2023
In their quest for justice, GDAC has teamed up with domestic and international crypto exchanges and issuers to track down the bandits and recover the stolen coins. They've even alerted the Korea Internet & Security Agency, the Korea Financial Intelligence Unit, and the police.
Cryptocurrency theft is on the rise, with a staggering $3.8 billion worth of assets swiped in 2021 alone. And with North Korean state-backed hackers rumoured to be among the most active, it's high noon in the digital Wild West. So, partners, keep your crypto close and your security measures closer!
As the crypto world continues to evolve, we will keep you updated on all the latest developments. Stay tuned for more updates from Web3shala.
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That’s it for the day, Web3Shala 👋
To the Moon 🚀