GOPAX Suspends Withdrawals After Hack Threat, Moves Funds Offline

GOPAX suspended cryptocurrency withdrawals Friday, Nov. 6, after receiving an email threatening a hack and began moving most of its hot-wallet assets into offline storage as a precaution to protect user funds.

The withdrawal halt took effect that day, leaving customers unable to withdraw through the exchange while the suspension remained in force. The move combines restricted withdrawals with a transfer of assets away from an internet-connected wallet.

GOPAX is transferring most assets held in its hot wallet to offline storage. The transfer covers most of the hot-wallet assets, not all of the exchange’s holdings. No actual asset damage had been reported at the time.

For customers, the immediate effect is a pause in withdrawals during the security response. The offline transfer reduces the share of GOPAX’s holdings kept in its hot wallet while the threat is addressed.