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South Korean Crypto Exchange Gopax Suspends Withdrawals and Trading After Hacking Threat

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South Korean Crypto Exchange Gopax Suspends Withdrawals and Trading After Hacking Threat

Bitcoin Magazine

South Korean Crypto Exchange Gopax Suspends Withdrawals and Trading After Hacking Threat

South Korean cryptocurrency exchange Gopax suspended withdrawals and trading on Friday after receiving a hacking-threat email, and said it is moving all held virtual assets into offline cold wallets as a preemptive step to protect customer funds.

Gopax halted standard deposit and withdrawal services at 2:55 p.m. local time and stopped trading at 3:53 p.m., Yonhap News Agency reported, citing the exchange. Direct withdrawals through the website and app are unavailable. Customers who want coins out must apply through the customer support center, where requests are processed manually after internal verification.

“To ensure the safe custody of user assets, we plan to transfer all virtual assets to cold wallets for storage,” Gopax said in remarks carried by Seoul Economic Daily. “Direct withdrawals through the Gopax website or app are temporarily unavailable, and customers wishing to withdraw funds should apply through the Gopax customer support center.”

No actual loss of assets has been reported. The company has not set a date to reopen trading or standard withdrawals.

With trading offline, all open orders were canceled, Chosun Biz reported. Deposits were initially paused with withdrawals; later Korean coverage said deposits had been restored while web and app withdrawals stayed shut. Manual withdrawals through support will take longer than usual.

A cold wallet is a storage setup kept offline, cut off from the internet that hot wallets use to process customer sends. Gopax said the shift of remaining hot-wallet balances into cold storage is meant to shrink the surface available to anyone who can reach online systems.


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