Cryptocurrency exchange GDAC was hacked and cryptocurrencies worth nearly KRW 20b stolen. This amount accounted for about 23% of the assets held.
On April 10, at 5 PM, GDAC broke the news saying:
“on April 9, 7 PM (local time), there was a hacking incident in the GDOC hot wallet (internet wallet), and assets such as bitcoin (BTC), ethereum (ETH), WEMIX, and Tether (USDT) were transferred to an unidentified wallet.”
Hacked assets include about 60 BTC, 350 ETH, 10m WEMIX, and 220,000 USDT, worth KRW 20b or $27.41m.
This is not the first time that a centralized exchange has been exploited. Large exchanges have, over the years, lost billions of assets. What’s worse is that it is difficult to identify perpetrators. Some suggest that GDAC will have to refund victims using their assets just like how other exchanges did in the past.
INNODEX: A hybrid and decentralized exchange
As problems continue to compound on centralized finance platforms, concerns about the safety of investors’ assets have increased. Against this backdrop, INNODEX, a hybrid and decentralized exchange that stores and trades assets in personal wallets with two-level private key issuance, is gaining attention.
Even if the network is not blocked at the source like a cold wallet, INNODEX’s internal wallet is two-level-secured by issuing encrypted private keys to the exchange’s internal wallet. Therefore, even if a non-custodial wallet like MetaMask is hacked, assets held by INNODEX’s internal wallet remain secure. Moreover, since the exchange is based on decentralized technology, there is no risk that personal assets will be lost even when the exchange is exploited.
NvirWorld, which develops and operates INNODEX, has independently developed the “S2k L2” and “Stapending” technologies, which are applied to other NvirWorld platform services.
In the case of “N-Hub,” the internal wallet’s held assets were securely stored and not stolen even though a client’s MetaMask, which held 80,000 NVIR, was hacked. The safety of assets has already been well-established. This technology is used in INNODEX, meaning the exchange’s stability has been proven.
NvirWorld has about 50 internal developers and is committed to further developing blockchain technology. In Q2 2023, they plan to launch a new play-to-earn (P2E) game, “Sugar Flavor”; Nvir Play Store (NPS); and online social casino games. They are more plans to release a mainnet in Q4 2023 that integrates patented technology enabling payment and transactions even when the network is offline.
In the years ahead, INNODEX may become the center of safe asset storage and crypto trading, resistant to hacking.
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