Korean Exchange GOPAX Halts Trading and Withdrawals After Hacking Threat

Author: Crypffalo Research · 19:54 06/11/2026

GOPAX suspended trading, deposits and standard withdrawals on Nov 6 after a threatening email and is moving assets to cold storage. No losses have been reported and no reopening date is set.

Korean Exchange GOPAX Halts Trading and Withdrawals After Hacking Threat

South Korean crypto exchange GOPAX suspended all trading, deposits and standard withdrawals on Friday after receiving an email threatening a cyberattack. The exchange said it is moving assets from hot wallets into cold storage.

Deposits and withdrawals were frozen at 2:55 p.m. KST (05:55 UTC), and trading was halted at 3:53 p.m. KST with all open orders cancelled. GOPAX says no asset losses have been detected so far and has not given a date for resuming services.

Key takeaways

What happened: GOPAX halted trading, deposits and standard withdrawals after a hacking-threat email.
Losses: None reported, and no intrusion or theft had been detected when services stopped.
Response: Hot-wallet assets are being moved to cold storage, with withdrawals processed manually via customer support.
Context: The move comes a week after the roughly $6.3 billion Binance hack and amid a regulatory security push in Korea.
Unknown: Who sent the threat and when the exchange will reopen.

How the day unfolded

According to GOPAX's notice, as cited by crypto.news and Seoul Economic Daily, the key steps were:

2:55 p.m. KST (05:55 UTC): Deposits and website/app withdrawals suspended.
3:53 p.m. KST (06:53 UTC): All trading halted and outstanding orders cancelled.
Afterwards: Users who need to withdraw must apply through the customer support center.

Each request goes through internal verification and approval and is handled manually, in order. The exchange warned that processing may take longer than usual.

A GOPAX representative confirmed to Kyunghyang Shinmun that the company had received a threatening message. The sender's identity and motive have not been disclosed.

Why GOPAX moved so quickly

Korea's Virtual Asset User Protection Act requires exchanges to hold at least 80% of customer crypto in cold storage. Financial Supervisory Service data shows GOPAX held 80.54% offline at the end of September, just above the minimum.

That is well below its larger rivals. Upbit held 99.17%, Bithumb 94.76% and Coinone about 85%.

Share of customer crypto held in cold storage at Korean exchanges, end of September

A higher hot-wallet share means more assets are exposed online if an attack succeeds. Pulling funds into cold storage is a logical defensive step when facing a specific threat.

GOPAX also disclosed on Oct 16 a data exposure affecting seven customers and two current or former employees, with abnormal access dating back to early September. There is no indication so far that the two incidents are linked.

Korea's post-Binance security crackdown

The Financial Services Commission (FSC) held an emergency meeting with major exchanges on Nov 2, following the Oct 29 Binance hack. Officials reviewed withdrawal approvals, admin privileges and access controls, and urged platforms to keep more customer assets offline.

Finance Magnates reports the FSC logged 40 incidents at 37 companies between Sep 30 and Nov 3. About 1 billion won (roughly $745,000) was stolen, mostly from corporate management accounts, with no individual users found to have lost funds.

Authorities have also weighed raising the minimum cold-storage ratio to as much as 99%, though no decision has been made. Binance has held a controlling stake in GOPAX since 2023.

What it means for crypto markets

GOPAX is small next to Upbit and Bithumb, so the direct price impact looks limited. Bitcoin is hovering around $75,000–$76,000 after the tech-led selloff, while Korean stocks triggered a circuit breaker as the KOSPI fell more than 8%.

Bull case: No losses materialize and GOPAX reopens quickly with a higher cold-storage ratio, reinforcing confidence that defensive procedures work.
Risk case: The threat turns out to be tied to a real intrusion, or the shutdown drags on, further weighing on already fragile Korean market sentiment.

Exchange security has become the dominant theme of the week, with Asian platforms rushing to publish cold-storage ratios to reassure users.

What to watch next

GOPAX's announcement on reopening trading, deposits and withdrawals.
The new cold-storage ratio GOPAX reports after moving its assets.
Any FSC decision on raising the minimum cold-storage requirement.
The U.S. jobs report on Friday, a key macro catalyst. Check the economic calendar and real-time liquidations.

Frequently Asked Questions

Did GOPAX lose funds in a hack?

So far the exchange says no assets were lost and no intrusion was detected. The halt is a precaution after the threatening email.

How can GOPAX users withdraw?

Website and app withdrawals are disabled. Users must submit a request through customer support, and GOPAX will verify and process it manually in order.

What is the difference between hot and cold wallets?

Hot wallets stay online to process deposits and withdrawals quickly but are more exposed to attacks. Cold wallets keep keys offline, which is safer but slower.

*This content is for information only and is not financial advice.*

Tags: GOPAX, South Korea, Security, Exchanges

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