Add as a preferred source on GoogleGOPAX Halts Trading and Withdrawals as It Plans a Cold-Storage Move
The South Korean exchange paused deposits and standard withdrawals early Friday. Customers can still request withdrawals through support, though manual processing may take longer.
South Korean crypto exchange GOPAX halted trading, deposits and standard withdrawals after receiving an email threatening a hack, and plans to move all crypto assets offline as a protective step.
Services were paused Friday, Nov. 6: deposits and standard withdrawals at 12:55 a.m. ET (5:55 UTC), followed by trading at 1:53 a.m. ET (6:53 UTC). GOPAX canceled all unfilled orders when trading stopped.
Customers can still submit withdrawal requests through the exchange’s support center. Each request requires manual verification and approval, which may delay processing.
GOPAX said no hack or attempted theft had occurred when it suspended services. The exchange plans to place all assets in offline wallets, which are not connected to the internet, to protect customers.
South Korean exchanges must keep at least 80% of customer crypto in cold storage. GOPAX had 80.54% of user assets offline at the end of September, near the required minimum. The suspension follows recent security incidents affecting financial institutions.
Simon Yoon
ReporterSimon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to info@tokenpost.com.