Summary
GDAC was a South Korean cryptocurrency exchange operated by Peertec Co., Ltd. that launched in May 2018 and was registered as a Virtual Asset Service Provider (VASP) with Korea's Financial Intelligence Unit (KoFIU). On April 9, 2023, attackers drained approximately $13–14 million from its hot wallets — representing 23% of total custodial assets — causing the exchange to permanently shut down with no compensation offered to affected users.
Connected Entities
1 entitiesTimeline(7 events)
2017-12
Peertec Co., Ltd. incorporated in Seoul, South Korea.
2018-05
GDAC cryptocurrency exchange launches.
2018-09
GDAC opens Korean Won (KRW) fiat trading market.
2023-04-09
Attackers drain approximately $13–14.2M from GDAC hot wallets at 7:00 a.m. KST, stealing ~60.8 BTC, 350.5 ETH, 10M WEMIX, and 220,000 USDT — 23% of total custodial assets.
2023-04-10
GDAC CEO Seunghwan Han publicly confirms the breach. Exchange suspends all deposits and withdrawals. KISA, KoFIU, and Korean National Police Agency are notified.
2023-04
GDAC permanently ceases operations. No compensation plan announced for affected users.
2025-02
KoFIU confirms GDAC has been removed from the South Korean VASP registry, alongside ProBit and Huobi Korea.
Decision Log
- hash: ZimCUprNozk6X9GWr38RgqXMUdiJMBEhgoqQTVtsWPB
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:42 AM
last updated: 5/20/2026, 6:36:40 PM
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