South Korean Cryptoexchange Gopax Suspends Withdrawals Amid Hacking Concerns
- South Korean crypto exchange GOPAX suspended trading, deposits, and standard withdrawals on Friday after receiving an email threatening a hack, though the firm reported no theft occurred.
- The suspension follows recommendations from the Financial Services Commission urging exchanges to increase cold-wallet holdings following the $6.3 billion Binance hack.
- Streami, the operator of GOPAX, plans to move all crypto assets to offline wallets; Financial Supervisory Service data showed the exchange held 80.54% of assets offline, near the 80% minimum.
- Customers can still request withdrawals through the support center, though the exchange warned manual verification could cause delays, mirroring an October incident at Prabang involving $70,000 in losses.
- The FSC recently identified 130 of 555 financial companies with cybersecurity deficiencies, explicitly naming GOPAX and Prabang among 16 firms involved in earlier security incidents, prompting tighter oversight.
24 Articles
24 Articles
The Korea Times
korean-vibe.comGOPAX suspends withdrawals following hacking threats
South Korean cryptocurrency exchange GOPAX said Friday it had suspended withdrawals as an emergency measure following hacking threats. The exchange said it halted withdrawals at 2:55 p.m. and was transferring most of the assets held in its so-called hot wallets to cold wallets, which are not connected to the internet. The precautionary measure was taken in response to hacking threats, and no actual loss of assets had been reported, GOPAX said. T…
Gopax suspended all virtual asset trading and deposit/withdrawal services on the 6th due to threats from hackers. To protect customer assets, we are transferring assets to offline cold wallets and strengthening security measures, such as approving withdrawals only through the customer center until services are normalized.
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