South Korean crypto exchange GOPAX suspends trading and regular deposits and withdrawals amid hacking threats, transfers assets to cold wallet
According to Yonhap News Agency, after receiving a threatening email on November 6 from a group claiming to be hackers, the South Korean cryptocurrency exchange GOPAX urgently suspended cryptocurrency trading and regular deposit and withdrawal services, and transferred customer assets to a cold wallet that is not connected to the internet.
GOPAX suspended cryptocurrency deposits and withdrawals at 2:55 p.m. local time, then fully halted trading at around 3:53 p.m., and all unfilled orders were canceled. The exchange is transferring all remaining assets in its internet-connected hot wallet to a cold wallet.
GOPAX said it is currently unable to confirm whether the hacking threat is real, and it has not found any actual asset losses. The company stressed that even if it causes inconvenience to users, it must prioritize protecting customer assets. Users are currently unable to make withdrawals normally through the website or mobile app, but they can still contact the customer service center to submit requests, which staff will handle manually after internal review. The exchange has not yet announced when trading and normal deposits and withdrawals will resume.
Original source:
Title: (LEAD) GOPAX suspends withdrawals, trading following hacking threats Publisher: Yonhap News Agency Publication date: 2026-11-06 URL: https://en.yna.co.kr/view/AEN20261106011751320 Nature of source: News agency report Verification status: Full Yonhap text was read and confirmed for this article; verification date 2026-11-06 Supporting content: Supports all times, measures, and company statements in the body
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After receiving a threatening email on November 6 from a group claiming to be hackers, the South Korean cryptocurrency exchange GOPAX suspended trading and regular deposits and withdrawals, and transferred hot wallet assets to a cold wallet. The exchange suspended deposits and withdrawals at 2:55 p.m. local time, and fully halted trading at around 3:53 p.m., canceling unfilled orders.
On the security and operational front, GOPAX said it has not yet verified whether the threat is real and has not found any actual asset losses. The company said it prioritizes protecting customer assets even if it causes inconvenience. Users can apply for manual withdrawals through the customer service center, which will be handled after internal review. The exchange has not announced a resumption time. Yonhap News Agency reported that South Korea's financial industry has recently seen multiple cybersecurity incidents, and the Financial Services Commission previously confirmed cybersecurity incidents at 37 financial institutions, involving about 470,000 customer records.
Compared with the industry response after Binance's earlier large-scale theft incident, GOPAX's move this time was a preventive suspension. The similarity is that both transferred assets to cold wallets to reduce risk; the key difference is that GOPAX has not confirmed that an attack occurred, and withdrawals have been changed to manual review rather than being fully shut down. Binance holds a majority stake in GOPAX operator Streami.
For GOPAX, the preventive measures reduced hot wallet risk, but suspending trading and regular withdrawals affects user liquidity. For users, manual withdrawals can be requested, but processing may be delayed. For South Korean regulators, this incident comes amid consecutive cybersecurity incidents in the financial industry, and the exchange has increased its cold wallet ratio in line with recommendations.
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After receiving a hacking threat email, GOPAX suspended deposits and withdrawals at 2:55 p.m., stopped trading at 3:53 p.m., and canceled orders.
The exchange is transferring all hot wallet assets to a cold wallet, and has not confirmed the authenticity of the threat or any asset losses.
Users can apply for manual withdrawals through the customer service center, and the resumption time has not been announced.