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GDAC
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About GDAC
GDAC Exchange: A Cautionary Tale
GDAC, a centralized crypto exchange that started in August 2018, was based in Seoul, South Korea, aiming to serve local traders with a mix of crypto and fiat trading. It was a smaller player in the market, offering around 18 cryptocurrencies and focusing on KRW and GT (its native token) markets. However, it’s no longer operational—shut down as part of a wave of closures among South Korean exchanges by early 2025, driven by regulatory hurdles and banking access issues.
What Was Interesting About GDAC
GDAC allowed trading with KRW, making it an entry-level exchange for South Koreans, though it didn’t support other fiat currencies like USD or EUR. Its fees were competitive at a flat 0.04% for trades, but withdrawals were pricier—0.001 BTC, above the industry average of 0.0008 BTC. The platform supported over 18 coins and offered both crypto-to-crypto and crypto-to-fiat pairs, with GT token perks like access to IEOs, voting on listings, and airdrops. It also had a basic interface with an order book, price chart, and trade history, plus a crypto wallet and fund service for users.
Why It’s Not an Option Anymore
GDAC closed by February 2025, as reported by South Korea’s Financial Intelligence Unit, alongside other token-only exchanges like ProBit and Huobi Korea, due to struggles with regulatory compliance and lack of real-name bank accounts. A major blow came in April 2023 when hackers stole $14M (23% of its custodial assets) from its hot wallet, including 60.8 BTC, 350.5 ETH, 10M WEMIX, and 220k USDT, leading to a temporary suspension of services. Transparency was a big issue—there’s little info on its operators (listed as Actto or Actwo Technologies, but no clear records), and its website lacked an “About Us” section. User complaints about excessive personal data collection (like passports) without clear business details added to the distrust. With no regulatory oversight and a history of security issues, GDAC isn’t a viable choice today—stick to active, regulated platforms like Binance or Kraken instead.