South Korean cryptocurrency exchange GOPAX has suspended all trading, deposits, and standard withdrawals. The platform initiated these measures on November 6, 2026, following an email threat regarding a potential hack. According to company representatives, no actual security breach or theft has occurred to date.
The exchange halted deposits at 5:55 am UTC and ceased trading at 6:53 am UTC, with all existing unfilled orders being canceled. GOPAX stated that it intends to move all user assets to offline cold storage wallets. This decision aligns with recent recommendations from South Korean financial regulators to enhance security protocols.
While standard withdrawal services remain offline, customers can request manual withdrawals via the support center. The exchange cautioned that these requests will undergo manual verification, which may result in processing delays. The move follows a broader regulatory push by the Financial Services Commission to increase cold-wallet holdings.
Data from the Financial Supervisory Service indicates that GOPAX held 80.54% of user assets in offline storage as of late September. The regulator recently identified security deficiencies at numerous financial firms, including the GOPAX operator Streami. Meanwhile, another exchange, Prabang, recently suspended services after reporting losses of ₩100 million due to a hot wallet incident.
