GDAC is a cryptoasset exchange located in South Korea. Their volume over the last 24 hours is $1.90M. The exchange is rated “D” which means “Poor.” They allow trading with the following fiat currencies: KRW.
GDAC is one of those exchanges that make it very hard for investors even to get a basic idea of the business and the people running it. Based in South Korea, it shares plenty of similarities with other shady and non-regulated Asian exchanges, such as poorly designed website, missing “About Us” section, no information about the date of establishment, lack of details about the team behind the project and so on.
Aside from that, the copyrights on some pages date to 2018, while on others they date to 2019. There are some contact details in the homepage’s footer though that state the following address - 13F, Gangnam 8258, Gangnam-daero, 376, Yeoksam-dong, Gangnam-gu, Seoul, Korea. According to the information there, the company representative is Seung-hwan Han, and the business registration number is 549-88-00819. However, at the time of this writing, there is no information for such a person in general searches or on LinkedIn. The only reference to the mentioned individual is an interview on a few third-party websites, where he gives interviews, but that is all. There are no results when searching for the provided corporate number in South Korea’s “Repository of Korea’s Corporate Filings” or third-party corporate registries. Further research about the company does actually lead us to the website of “Peer”, a blockchain development company. However, the information there is also very limited. There is a reference from a lady, referred to as “Irene”, who is stated to work at GDAC as an “SHD Operator” in which she praises the “professionalism” of Peer.
What is more concerning is that GDAC does not even have a LinkedIn page, which is something that even the shadiest cryptocurrency exchange businesses have. This means that, at the time of this writing, there is basically no way of understanding who runs the company and when was it founded. The only reference to the potential date of the establishment can be found in GDAC’s Twitter profile. If the information there is to be believed, the exchange was found in August 2018.
The informational part of the GDAC website has plenty of articles, most of which tackle common questions, such as account set-up and verification, trading process, account management, withdraw information, etc. Most of the information there is pretty common for other exchanges as well. What is concerning here is the fact that GDAC collects lots of personal data, such as names, addresses, phone numbers, a passport, etc. Although it states that all this is required for security reasons, it is worth noting that an exchange that does not consider it important to reveal details about its business or owners, may not be the best choice to be granted access to all your personal information.
It seems like the name GDAC Exchange was not chosen by accident. The platform tries to capitalize on the popularity of GDAX (the former Coinbase Pro). To do that, it also has its own token, called GDAC Token (GT). According to information in its whitepaper, “trading is one of the best ways to mine GT.” The authors also claim that “GT gives users a chance to earn high level of economic incentives and opportunities for differentiated investment alternatives.”
There is multiple user-conducted analysis on the internet, describing in detail GDAC’s fake trade volume and inconsistencies between price and volume performance. Aside from those, there is not much to say regarding the exchange’s reputation as Bitcointalk and Reddit lack any user threads related to GDAC’s service. However, at the time of this writing, it is safe to say that, although the exchange owners’ claim that “GDAC aims to create an innovatively efficient and transparent solution for the clients in the financial sector using the blockchain technology”, they undeniably fail at doing so.
At the time of this writing, there is no information about GDAC having a history of official investigations, hacker attacks, or major security breaches.Read More